U.S. employers added 162,000 jobs in August, while the unemployment rate remained at 4.1%, according to the Bureau of Labor Statistics’ September 4 report.
Hiring outpaced the average monthly increase of 31,000 recorded over the preceding year. Restaurants and bars added 59,000 positions, while local government education gained 42,000. The information industry shed 23,000 jobs, showing that the improvement was uneven across sectors. Source: Bureau of Labor Statistics
Earlier Hiring Figures Revised Higher
The government also revised June and July employment figures upward by a combined 55,000 jobs. July’s previously reported decline became a gain of 21,000.
Average hourly earnings for private-sector employees increased 0.3% in August to $37.75, bringing annual wage growth to 3.1%. Approximately 7 million people remained unemployed. Source: Bureau of Labor Statistics
Stronger Hiring Meets Inflation Concerns
The report arrived amid debate over inflation and interest rates. The Associated Press reported that stocks fell Friday as investors weighed inflation concerns following the stronger hiring figures.
President Donald Trump criticized that reaction and renewed his argument for lower interest rates. His administration maintains that its economic policies will support faster growth. Source: Associated Press
The next monthly employment report is scheduled for October 2. Source: Bureau of Labor Statistics
