The US economy added 162,000 jobs in August, rebounding from a sharp slowdown in hiring during the summer, as the labour market showed signs of renewed momentum.
The unemployment rate remained unchanged at 4.1%, according to new data from the US Bureau of Labor Statistics (BLS). The rate remains below its recent peak of 4.5% recorded in November.
August’s job gains marked a significant improvement from July, when the economy initially appeared to have shed jobs. However, revised figures showed that employment increased by 21,000 in July, up from the previously reported decline of 23,000.
June’s job growth was also revised higher to 31,000 from an initial estimate of 20,000.
Despite the August rebound, hiring remains considerably weaker than earlier in the year. The economy added 214,000 jobs in March, before job creation slowed sharply through the summer.
Latest Report Beat Expectations
Economists had expected the US economy to add at least 50,000 jobs in August, meaning the latest figure significantly exceeded forecasts.
The stronger-than-expected government payroll figures contrast with data from private-sector payroll provider ADP, which reported earlier in the week that US companies added only 38,000 jobs in August. The figure was below expectations and represented the weakest monthly private-sector job growth since January.
