US Non-Farm Payrolls Surge by **162,000** in August, Exceeding Forecasts
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- US NFP surged to 162,000 in August, beating 55,000 forecast.
- Prior months revised up 55,000; July added 21,000 jobs.
- Unemployment steady at 4.1%; wages rose 0.3% MoM.
- Construction sector strong; August NFP best since March.
The U.S. economy added 162,000 non-farm payrolls in August, substantially surpassing economists’ expectations of around 55,000 new jobs. This marked the strongest monthly gain since March, reversing a recent slowdown in hiring. The unemployment rate remained stable at 4.1%, aligning with forecasts, while the labor force participation rate edged up to 61.6%. Additionally, average hourly earnings increased by 0.3% month-over-month and 3.1% year-over-year, meeting or slightly exceeding projections. July’s payroll figures were also revised upward from an initial loss of 23,000 to a gain of 21,000, suggesting a more resilient labor market than previously understood.
US non-farm payrolls for August, confirmed at 162,000, were accompanied by significant upward revisions to prior months. Employment in July was revised up by 21,000 jobs, contributing to a total of 55,000 upward revisions over the past two months. The unemployment rate remained steady. Economists had forecast a gain of 55,000 jobs for August, a notable increase from the previously reported loss of 23,000 jobs in the preceding month. The construction sector was identified as a strong performer within the report.