Surging U.S. Nonfarm Payrolls Fuel Rate Hike Expectations

The U.S. nonfarm payrolls increased by 162,000 in August, significantly higher than the average monthly gain of 31,000 over the past 12 months.

This is according to data released by the U.S. Bureau of Labor Statistics on September 4.

The unemployment rate remained unchanged at 4.1%, indicating stronger momentum in the labor market than previously anticipated.

Federal Reserve officials may view this report as evidence supporting a rate hike, but the U.S. CPI data to be released next week will be key to the Fed's interest rate decision later this month.