US August Payrolls Surge by 162,000, Crushing Market Expectations

The U.S. Bureau of Labor Statistics released August employment data showing nonfarm payrolls increased by 162,000 from the previous month, far surpassing market expectations of 55,000.

This significant gain demonstrates that the labor market remains more resilient than anticipated and is likely to influence views on Federal Reserve monetary policy.

The unemployment rate held steady at 4.1%, matching both the prior month and market consensus. Real average hourly earnings rose 0.3% month-over-month to $37.75, representing a 3.1% year-over-year increase.

Following the release, Bitcoin plunged in the cryptocurrency market, briefly falling to $79,775, breaking below the psychologically important $80,000 level.