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US hiring slowed in August as employers add 315,000 jobs amid weak economy

America's employers slowed their hiring in August in the face of rising interest rates, high inflation and sluggish consumer spending, all of which have weakened the outlook for the economy. The government reported on Friday that the economy added 315,000 jobs last month, down from 526,000 in July and below the average gain of the previous three months. The unemployment rate rose to 3.7 per cent, from a half-century low of 3.5 per cent in July, as more Americans came off the sidelines to look for jobs and didn't find work immediately. The smaller August gain will likely be welcomed by the Federal Reserve. The Fed is rapidly raising interest rates to try to cool hiring and wage growth, which have been consistently strong. Businesses typically pass the cost of higher wages on to their customers through higher prices, thereby fuelling inflation. Fed officials hope that by raising borrowing costs across the economy, they can reduce inflation from a near-40-year high. Some economists

Updated On : 02 Sep 2022 | 8:38 PM IST

Biden calls Afghan war veterans on the eve of withdrawal anniversary

President Joe Biden on Monday called the leaders of two U.S. veterans groups assisting Afghans who have fled from the country on the eve of the one-year anniversary of the U.S. withdrawal from Afghanistan. Biden spoke to the leaders of the veterans-led #AfghanEvac and Honor the Promise groups to express his appreciation for their work resettling Afghan allies in the United States since the U.S. ended the 20-year war in Afghanistan. They discussed the substantial efforts that have been undertaken by the U.S. government, veterans, and by so many Americans of all stripes to welcome nearly 90,000 Afghans to our country over the past year and the U.S. government's ongoing efforts to build a sustainable model to support relocation efforts and honor our commitments, National Security Council spokeswoman Adrienne Watson said. Tuesday marks the one year anniversary of Biden declaring an end to the war. The final weeks of America's longest war were chaotic as the U.S.-backed Afghan government