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U.S. payrolls rose 162,000 in August, much more than expected; unemployment rate at 4.1%
Employers added 162,000 jobs last month, nearly triple forecasts, while wage growth eased to 3.1%, Labor Department data showed.
- On Friday, the Bureau of Labor Statistics reported U.S. employers added 162,000 payroll jobs in August while the unemployment rate held steady at 4.1%. The report beat economist expectations, bolstered by 55,000 in combined upward revisions for June and July.
- Restaurants and bars added 59,000 jobs in August, while local government education added 42,000, driving summer hiring as schools reopened. These sectors offset losses in information services and provided momentum to the labor market.
- Average hourly earnings rose 3.1% year-over-year in August, consistent with the Federal Reserve's 2% inflation target. Investors nudged market odds of a September interest-rate hike to 62%, according to CME Group's FedWatch tool.
- President Donald Trump celebrated the report on Truth Social, renewing calls for the Federal Reserve to cut interest rates. Trump urged central bank officials to "BE PATRIOTS for a change" and lower rates to support the economy.
- Federal Reserve Chairman Kevin Warsh faces pressure balancing strong labor data against persistent inflation. Policymakers now focus on inflation reports due next week, which will likely determine interest rates at the September 15-16 meeting.
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Coverage Details
Total News Sources381
Leaning Left58Leaning Right77Center109Last UpdatedBias Distribution45% Center
Bias Distribution
- 45% of the sources are Center
45% Center
L 24%
C 45%
R 31%
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