US: 315K Jobs Added in Aug.; Unemployment Up 3.7%

Facts

According to a monthly employment report released by the US Dept. of Labor on Fri., the economy saw an increase of 315K jobs in Aug., pushing the overall size of the labor force to a record high.
The rate of growth exceeded economists' estimates, but it was still a stark dip on the 528K jobs added by the US market in July.
As of this week, according to the Bureau of Labor Statistics, the ratio of available jobs to seekers reached just less than 2:1.
The Dept. of Labor report also detailed an increase in unemployment in Aug. to 3.7%, up from 3.5% the previous month, although these figures still reflect historic lows.
Inflation, however, remains at a four-decade high. The Federal Reserve is watching the Dept. of Labor's reporting closely as it considers whether to raise interest by 75 basis points in September.
Many will be looking to the consumer price index and producer price index for details on the direction of inflation, which are both due for publication in the coming weeks.See Fewer Facts

Left narrative, as provided by Washington Post. Things are looking up for employment in the current job market. The demand for labor, especially in combination with historic levels of inflation, has fostered an environment ripe for activity, including union pursuits, with the National Labor Relations Board reporting an uptick in petitions for union elections of 56%. This complex market is a historic opportunity.
Right narrative, as provided by Daily Mail. This market is a disaster for workers and businesses alike. Although Biden and the Democrats are trying to sell the current statistics as a success story, the reality is that unemployment is still on the rise and inflation remains out of control. Now, Powell's words have even raised fears of the threat of recession - Biden's approval ratings are low for a reason.