Job creation in the US slows down in August and the unemployment rate rises to 3.7%.

() — The US economy added 315,000 jobs in August, beating economists’ expectations but well below the July 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.