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In the coming weeks, thousands of workers with temporary jobs during the holidays will lose work and apply for jobless aid.
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The Fed has raised its key lending rate seven times this year has projected more in 2023 as it tries to bring down prices.
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The Federal Reserve raised its key interest rate by a substantial three-quarters of a point for a third straight time.
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There were 11.2 million open jobs available on the last day of July - nearly two jobs, on average, for every unemployed person.
With the U.S. economy gripped by its worst crisis since the 1930s, Federal Reserve policymakers are expected to offer sweeping assurances Wednesday that they will act as needed to help prevent the damage from growing even worse.
Stock markets are mostly down as investors look ahead to an expected interest rate cut by the U.S. Federal Reserve.
The Federal Reserve expects inflation to finish this year noticeably below its 2% target, a trend that could make it more likely policymakers will cut short-term interest rates in the coming months.
Federal Reserve policymakers expect to raise their benchmark interest rate four times this year, up from a March projection of three.
Federal Reserve Chair Janet Yellen is signaling that the Fed will likely resume raising interest rates later this month to reflect a strengthening job market and inflation edging toward the central bank's 2 percent target rate.
The Federal Reserve is keeping a key interest rate unchanged while pledging to closely monitor developments in the global economy and financial markets.