US Labor Market Surges with 162,000 New Jobs in August

US employers added 162,000 jobs in August, exceeding forecasts and ending a summer of lackluster hiring. The unemployment rate remained steady at 4.1%.

Hiring far surpassed expectations, with economists predicting only 65,000 new jobs. Labor Department revisions also boosted payrolls by 55,000 in June and July.

The strong job numbers may increase the likelihood of a Federal Reserve interest rate hike next month. Fed Chair Kevin Warsh has said inflation remains too high, at 3.7% according to the Fed's preferred measure.

President Donald Trump welcomed the jobs report, tweeting 'Great jobs number just announced, breaking all estimates (except mine!) by double and triple - And you haven’t seen anything yet!'