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U.S. Employers Added 162,000 Jobs in August, Surpassing Economic Forecasts

The Labor Department reported that U.S. employers added 162,000 jobs in August, a figure that significantly exceeded the 65,000 jobs forecasted by economists. This hiring surge was primarily driven by gains in the food services and bars sector, which added 59,000 positions, and the local government and education sector, which added 42,000. Together, these two categories accounted for 62% of the total monthly gain. Data showed that women were the primary drivers of this growth, accounting for approximately 98% of the new positions. While the overall unemployment rate held steady at 4.1%, average hourly wages rose by only 3.1% year-over-year, marking the weakest increase since May 2021. The Labor Department also revised previous figures, showing that hiring in June and July was stronger than initially reported. The administration announced that the labor market remains sturdy despite rising costs. President Trump welcomed the strong hiring report, noting that the figures broke nearly all estimates. Economists suggest the report may influence the Federal Reserve's upcoming interest rate decision, though the central bank will also weigh the forthcoming Consumer Price Index report.

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