August Jobs Report Surprises with Unexpected Gain

The US economy showed unexpected strength in August, adding 162,000 jobs according to the Bureau of Labor Statistics. This beats forecasts of a 65,000 increase and reverses a previously reported decline of 23,000 in July.

The unemployment rate held steady at 4.1% for the second consecutive month, matching predictions that it would edge up to 4.2%. The July loss has been revised from -23,000 to +21,000 nonfarm payroll employment.

Average hourly wages rose by 10 cents or 0.3%, reaching $37.75 in August.