America In Focus: US hiring bounces back in August; mortgage rates climb
The economy, inflation and how those forces could impact the lives of Americans were front and center over the past week. Trips to the grocery store and gas station are more painful than they were last year, and rising costs are impacting…
US hiring rebounded strongly in August, with employers adding 162,000 jobs, significantly exceeding the 65,000 expected by economists. Two months before the midterm elections, President Donald Trump rejoiced over the impressive hiring report, stating that it surpassed all estimates. However, inflation remains a dominant topic, as voters grapple with higher costs, particularly at the gas pump, which have reached record levels since the U.S. and Israel attacked Iran in late February.
Average hourly wages increased by just 3.1% last month from a year earlier, marking the weakest year-over-year growth since May 2021. Despite higher costs, the American labor market has remained resilient, with job openings slightly up to 7.27 million in July from 7.18 million in June. Layoffs also decreased, suggesting some confidence among workers.
However, the energy crisis caused by the conflict with Iran has put additional pressure on households, driving up gas prices to an average of $5.85 per gallon – a record high – just in time for the busy Labor Day weekend travel season. The soaring diesel prices will also translate to higher transportation costs for essential goods, potentially impacting consumers through added fees on online orders and packages in the mail.
Written by urgent.news from Associated Press's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.