US Nonfarm Payrolls Surge by 162K, Exceeding Market Expectations

The US Bureau of Labor Statistics reported that Nonfarm Payrolls rose by 162K in August, exceeding market expectations of 56K.

This print follows July's increase of 21K and marks a significant improvement from the previous month. The Unemployment Rate remained steady at 4.1%, as expected, while the Labor Force Participation rate increased to 61.6% from 61.4%.

The annual wage inflation, measured by the change in Average Hourly Earnings, declined to 3.1% from 3.2%. The BLS noted that the revisions for June and July were up 11K and 44K, respectively, resulting in a combined increase of 55K.

The market reaction was positive, with the US Dollar Index rising 0.3% to 99.32. Strategists at TD Securities forecasted a rebound in August payrolls, expecting an increase of 95K after July's decline of 23K.