Forex
US Job Growth Surges Amid Waning Labour Market Momentum
US job growth accelerated sharply in August, with nonfarm payrolls surging by 162,000 jobs. This is after an upwardly revised rise of 21,000 in July, according to the Labor Department's Bureau of Labor Statistics.
The unemployment rate held steady at 4.1%, which keeps an interest rate hike from the Federal Reserve this month on the table. Economists had forecast payrolls would increase by 56,000 after a previously reported drop of 23,000 in July.
Labour market momentum had decelerated after surging in the spring, partly blamed on the oil price shock and supply chain strains from the US-led war with Iran.