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The US labor market in August roused from its early summer slumber by adding 162,000 jobs, more than double what economists had expected, while the unemployment rate remained at 4.1%, new data from the Bureau of Labor Statistics showed on Friday.
August’s job gains – which are the strongest since March – mark a sharp rebound from July’s tally, which was revised up to a 21,000-job gain from a 23,000-job loss. June was also revised upwards, adding 31,000 positions. That’s up from the original estimate of 20,0000.
The number of jobs added in August was more than double economists’ expectations. They had forecast a net gain of 65,000 jobs last month and that the unemployment rate would tick up to 4.2%.
Friday’s data helps ease concerns that the job market was slowing rapidly, said Daniel Zhao, chief economist at Glassdoor.
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