US economy adds 162,000 jobs in August, far exceeding expectations

The US economy added jobs at a strong pace in August, with hiring rebounding from the slowdown seen during the summer, while the unemployment rate held steady.

Nonfarm payrolls increased by a seasonally adjusted 162,000 during the month, while the unemployment rate remained unchanged at 4.1%, as expected, the US Bureau of Labor Statistics reported on Friday. Economists surveyed by Dow Jones had expected payrolls to rise by just 53,000.

August’s employment gain was the strongest monthly increase since March.

The report was consistent with what Federal Reserve officials have described as a stable labor market and is likely to shift the central bank’s focus toward inflation data due next week, which will serve as the final major factor ahead of its interest rate decision in less than two weeks.