The U.S. economy in August added 162,000 jobs, far more than expected. The unemployment rate remained unchanged at 4.1%.
\n\nEconomists surveyed by Dow Jones had expected overall hiring of just 53,000 roles and a steady unemployment rate.
\n\nMeanwhile, employment for June was revised up by 11,000 roles to a total addition of 31,000. July, which had previously been recorded as a negative 23,000, was revised up sharply by 44,000 to a total net job additions of 21,000.
\n\nTaken together, the strong August number and the upwardly-revised June and July numbers will give economists significant added confidence in the stability of the labor market.
\n\n“August’s blowout jobs report provided evidence of a stable labor market heading into the fall, supporting resilient consumer spending but also raising market expectations for a near-term Fed rate hike amid unacceptably high inflation,” Wells Fargo’s Jennifer Timmerman said.
\n\nWage growth, which has been another problem for workers, was 3.1% year-over-year in August. That was unchanged from July.
\n\nTimmerman called that “the fly in the ointment,” adding that “with oil prices poised to nudge inflation higher, real wages remain vulnerable during the balance of the year.”
\n\nAmong the sectors that saw job growth during the month, employment…
Original source: https://www.nbcnews.com/health