US Labor Market Rebounds with 162K Job Gain in August

The U.S. labor market rebounded in August, adding 162,000 nonfarm payrolls and reversing two straight months of downward revisions.

Average hourly earnings rose by 3.1% year over year, down from 3.2% in July, marking the slowest pace this year.

The unemployment rate held steady at 4.1%, while the labor force participation rate increased to 61.6%, a 0.2 percentage point gain from July.