U.S. nonfarm payrolls increased by 162,000 in August, according to the U.S. Department of Labor's employment report. The market had expected an increase of 55,000 jobs.
Employment gains were recorded in food and beverage services and in the education sector operated by local governments. Employment declined in the information sector.
June and July figures revised upward
Data for previous months were also revised upward. The increase in nonfarm payrolls reported at 20,000 for June was revised to 31,000, while the figure reported as a decline of 23,000 in July was revised to an increase of 21,000.
Following the revisions, total employment for June and July was 55,000 higher than the figure reported previously.
Number of unemployed rises to 7.031 million
The unemployment rate remained unchanged at 4.1% in August. The market had also expected the rate to remain at 4.1%.
The number of unemployed people increased by 115,000 to 7.031 million, while the labor force participation rate rose by 0.2 percentage points to 61.6%. Average weekly hours also increased by 0.1 hour to 34.4.
Average hourly earnings rise to $37.75
Average hourly earnings rose 0.3% month on month and 3.1% year on year in August, reaching $37.75. The annual increase was the lowest recorded since May 2021.
The monthly wage increase was in line with market expectations, while the annual increase had been expected to be 3%. In July, average hourly earnings rose 0.2% month on month and 3.2% year on year.
