Data released by the Bureau of Labor Statistics showed that the United States (US) economy added 162,000 jobs in August.
As reported by CNN, this marks the strongest monthly growth since March and far exceeds predictions by economists, who expected a modest gain of 65,000 jobs, making the it a strong bounce back, also giving the Federal Reserve space to keep interest rates higher for longer.
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The national unemployment rate held steady at 4.1 percent, outperforming forecasts that predicted a slight rise to 4.2 percent.
The August figures were supported by upward revisions to previous months. July was revised from a loss of 23,000 jobs to a net gain of 21,000, while June figures were adjusted higher from 20,000 to 31,000 jobs.
“Total nonfarm payroll employment increased by 162,000 in August, and the unemployment rate was unchanged at 4.1 percent,” the Bureau of Labor Statistics stated in its official report.
Job growth was driven by healthcare and social assistance, which added 28,400 positions. Local government education also recovered, adding 41,900 jobs and reversing a heavy loss of 57,500 jobs recorded in July.
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Despite the strong numbers, analysts noted that the broader employment outlook faces several underlying challenges. The US labor market remains stable, though in a low-momentum and unbalanced state despite growing headwinds, which…
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Read Full Article by Ngozi Ekugo at businessday.ng
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