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U.S. Employers Added 162,000 Jobs in August, More Than Double Forecasts

From CBS News · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

Newswire Named sources Ongoing story
  • U.S. employers added 162,000 jobs in August, exceeding economists’ forecast of 65,000.
  • The unemployment rate held at 4.1%, while food services, bars and local government education led hiring gains.
  • The Labor Department revised June and July payroll figures higher, and an investment strategist said the broader labor-market rebalancing trend remained intact.

U.S. employers added 162,000 jobs in August, more than twice the 65,000 increase economists polled by FactSet had expected. The gain marked a sharp acceleration from July hiring.

The unemployment rate remained unchanged at 4.1%. Food services and bars added 59,000 jobs, while local government education added 42,000. The combined gains from those sectors accounted for much of the month’s increase.

Today’s report was strong, and we could see markets take a react first, ask questions later approach.

· Tim UrbanowiczThe Goldman Sachs Asset Management strategist assessed the market’s possible response to the jobs figures.

August payroll growth exceeded five times the average monthly gain over the previous 12 months, which the Labor Department put at 31,000 jobs. The department also revised earlier figures upward, saying employers added 11,000 jobs in June and 21,000 in July.

Tim Urbanowicz, chief investment strategist at Innovator ETFs at Goldman Sachs Asset Management, said the strong report could prompt markets to react before investors assess the wider trend. “Today’s report was strong, and we could see markets take a react first, ask questions later approach,” he said in an email. He added that investors would likely conclude that labor-market rebalancing was still continuing.

But once the dust settles, we think investors will realize the broader trend of labor market rebalancing is still intact.

· Tim UrbanowiczHe said the data did not change the wider labor-market trend.
About this summary

Originally published by CBS News in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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