Due to "good reasons," unemployment rises to 18-month high as more Americans find employment.

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According to figures released on Friday by the Bureau of Labor Statistics, the jobless rate rose to its highest level since February 2022 in August.

However, an increase in the unemployment rate to 3.8% from 3.5% may not be a terrible thing for the state of the US job market as a whole.

Thomas Simons, a US economist at Jefferies, said in a report on Friday that "this was one of those 'good reasons' increases." "More supply is welcome given the tight labor market, but it can take some time for new entrants to find a fit,"

The civilian labor force expanded by 736,000 people in August compared to July. Since hitting 63.3% in February, the labor force participation rate has increased, reaching 62.8% in August. 

Over the past year, the US economy has welcomed 3.1 million more citizens back into the workforce.

A further indication that the labor market after the pandemic, as defined by the "Great Resignation," is returning to "better balance" is the August jobs report, according to economists. Economists point out that the Federal Reserve, whose chair Jerome Powell has frequently indicated the labor market requires improved supply and demand balance, would certainly welcome this development.

In a note to clients on Friday, Bank of America US economist Stephen Juneau stated that "labor supply continues to surprise to the upside and is helping rebalance the labor market."

40% of the 611 small business owners in the NFIB's August small business jobs report



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