The August jobs report showed U.S. employers adding 162,000 positions, substantially exceeding market expectations and rebounding from a weak July reading.
The unemployment rate was unchanged at 4.1%, while the number of unemployed people remained little changed at 7.0 million, according to the Bureau of Labor Statistics employment release. The labor-force participation rate edged up to 61.6%.
Job creation was concentrated in a limited number of industries. Food services and drinking places added 59,000 positions, and local government education gained 42,000. Employment in the information sector declined, while most other major industries changed little.
August Jobs Report Shows Firmer Wages and Revisions
Average hourly earnings increased by 10 cents, or 0.3%, to $37.75. Earnings were 3.1% higher than a year earlier, and the average private-sector workweek increased by 0.1 hour to 34.4 hours.
Earlier payroll estimates were also revised upward. June employment growth was raised by 11,000 to 31,000, while July was revised by 44,000 to a gain of 21,000. Together, the two months contained 55,000 more jobs than previously reported.
The stronger payroll gain may reduce expectations for near-term monetary easing, although one report does not settle the Federal Reserve outlook. Policymakers will also assess inflation, wage trends and subsequent labor-market data before making their next rate decision.
