U.S. payrolls rose 162,000 in August, much more than expected; unemployment rate at 4.1%
Restaurants and bars led hiring with 59,000 jobs, while revised figures added 55,000 to June and July payrolls, the Labor Department said.
- On Friday, the Bureau of Labor Statistics reported employers added 162,000 jobs in August, reversing July's revised gain of 21,000 and marking the strongest monthly increase since March. The unemployment rate held steady at 4.1%.
- Food services led growth by adding 59,000 positions, while local government education contributed 42,000 jobs, helping the economy recover from July's dismal performance after initial reports suggested a contraction.
- Reflecting this hiring surge, the labor force participation rate ticked up to 61.6% in August, and average hourly earnings rose 0.3% to $37.75. The total number of unemployed Americans held at 7.0 million.
- Federal Reserve Chairman Kevin Warsh and other policymakers face pressure to hike interest rates at the bank's Sept 16 meeting. Fed officials will review August employment data and the upcoming inflation report to determine next steps.
- As 7.0 million Americans remain unemployed, employers prioritize retaining existing staff over expansion in a "low-hire, low-fire" market. Investors await next Friday's CPI report to gauge whether inflation remains on a path toward the 2% target.
238 Articles
238 Articles
US job market rebounds as employers add 162,000 jobs; the unemployment rate stayed at 4.1% - Regional Media News
WASHINGTON - The U.S. economy added a surprising 162,000 jobs in August, a solid rebound from July's decline and a result that beat many economists' expectations. The stronger-than-expected August report today, providing fresh evidence that the economy is gaining ground under President Donald Trump's leadership. [...]
Employment in the U.S. grew in August, surpassing expectations, but the unemployment rate remained at 4.1%, pushing the Fed to adjust rates.Trump urges the Fed to reduce rates, while the market fears increases that will increase credit prices and slow consumption and investment.
In August, the U.S. economy created about 162,000 jobs outside of the agricultural sector, which is several times more than expected. The unemployment rate remained at 4.1 percent, the U.S. Labor Department reported.
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