U.S. payrolls rose 162,000 in August, much more than expected; unemployment rate at 4.1%
Nonfarm payrolls were expected to increase by 53,000 in August while the unemployment rate held at 4.1%, according to the Dow Jones consensus.
TL;DR
- Nonfarm payrolls increased by 162,000 in August, significantly beating economists' expectations of 53,000.
- The unemployment rate held steady at 4.1%, with the labor force participation rate increasing.
- Prior months' job gains were revised upwards, with July showing a positive swing and June also revised higher.
- Job growth was broad-based, led by sectors like restaurants and bars, government education, and manufacturing.
- Average hourly earnings rose 0.3% for the month, with an annual increase of 3.1%.
- Market sentiment leaned towards a potential Fed rate hike, though upcoming inflation data is crucial for the final decision.
- President Trump urged the Fed to lower rates and threatened trade actions against countries with which the U.S. has a deficit.