The U.S. economy added 162,000 jobs in August , the Bureau of Labor Statistics reported Friday, far exceeding expectations and marking the strongest monthly gain since March. The unemployment rate remained unchanged at 4.1 percent, with total unemployed persons standing at 7.0 million.
Economists had forecast a gain of 53,000 jobs, according to CNBC and The Wall Street Journal , both citing surveys of economists.
The August total also came in above the average monthly gain of 31,000 over the prior 12 months, according to the BLS. Revisions to prior months added to the positive picture: June payrolls were revised up by 11,000 to 31,000, and July was revised to a gain of 21,000 from an initially reported loss of 23,000, putting combined employment in those two months 55,000 higher than previously reported.
Food services and drinking places led job creation in August, adding 59,000 positions — well above the sector's 12-month average monthly gain of 12,000. Local government education added 42,000 jobs, largely offsetting a decrease in the prior month. Manufacturing continued a recent upward trend, adding 16,000 jobs, with gains in machinery manufacturing and fabricated metal products. Health care added 13,000 jobs, though at a slower pace than its 12-month average of 32,000 per month.
The information industry was the month's notable weak spot, shedding 23,000 jobs. Losses were spread across computing infrastructure and data processing, publishing, and broadcasting and content providers.
Average hourly earnings for private nonfarm payroll employees rose 10 cents, or 0.3 percent, to $37.75 in August. Over the past year, wages are up 3.1 percent. The average workweek edged up 0.1 hour to 34.4 hours.
On the household survey side, the labor force participation rate edged up to 61.6 percent, though it remains 0.5 percentage point below its January level. The number of people working part time for economic reasons fell by 414,000 to 4.4 million.
The report is expected to shift the Federal Reserve's focus toward upcoming inflation figures ahead of its interest rate decision in less than two weeks, according to CNBC. The jobs data reinforces what top Fed policymakers have been saying about the health of the labor market.
The next jobs report, covering September, is scheduled for release on Oct. 2.
