U․S. unemployment rate unexpectedly rose to 3.8%

Nonfarm payrolls grew by a seasonally adjusted 187,000 for the month, above the Dow Jones estimate for 170,000, the U.S. Bureau of Labor Statistics reported Friday.

However, the unemployment rate was 3.8%, up significantly from July and the highest since February 2022.

U.S. Bureau of Labor Statistics also reported that wage gains moderated, suggesting that labor market conditions were easing and cementing expectations that the Federal Reserve will not raise interest rates this month.