The US economy added 162,000 jobs in August, beating economists’ expectations and easing concerns about a sharp slowdown in the labour market.
According to the Bureau of Labor Statistics, the unemployment rate remained unchanged at 4.1%, while the labour force participation rate edged up to 61.6%. Around seven million people were unemployed, little different from July.
August’s job growth was significantly stronger than the average monthly increase of 31,000 recorded over the previous year. Earlier figures for June and July were also revised higher. July, initially reported as a loss of 23,000 jobs, was revised to a gain of 21,000, while June’s increase was raised from 20,000 to 31,000.
Food services and drinking places recorded the biggest increase, adding 59,000 jobs. Local government education added 42,000, while manufacturing gained 16,000 positions.
However, information-sector employment fell by 23,000 jobs, while several major industries showed little change.
Average hourly earnings rose 0.3% to $37.75, with wages up 3.1% from a year earlier.
