US hiring slows in August and the unemployment rate rises to 3.7%.

Why is the increase in US jobs worrying the Fed? 1:00 a.m. (CNN) — The US economy added 315,000 jobs in August, beating economists’ expectations but well below July’s report, when employment rose by 528,000. The unemployment rate, meanwhile, rose to 3.7%. The monthly jobs total is likely good news for the Federal Reserve, which is battling 40-year-high inflation by enacting very steep rate hikes aimed at slowing the economy. News in development.