US job market rebounds with 162,000 new jobs; the unemployment rate stayed at 4.1%
WASHINGTON — The U.S. job market rebounded in August as employers added a surprising 162,000 jobs. The unemployment rate stayed at a low 4.1%. The jobs report, issued by the Labor Department Friday, could be good news for President Donald Trump two months before midterm elections in which the health of the economy is weighing on voters' minds. Hiring far exceeded the 65,000 forecasters had…
The U.S. job market experienced a strong rebound in August, with employers adding a surprising 162,000 jobs, according to the Labor Department's report released on Friday. The unemployment rate remained steady at a low 4.1%. The jobs report could provide a boost to President Donald Trump as he approaches the midterm elections, which will heavily consider the economy's condition among voters' concerns.
Hiring significantly surpassed expectations, adding 65,000 jobs, according to a poll conducted by FactSet. Labor Department revisions also revealed an increase of 55,000 jobs in June and July. Employers created 21,000 jobs in July, correcting a previous report of job cuts in the same month. Restaurants and bars added 59,000 jobs, while construction companies added 22,000 and manufacturers 16,000.
The U.S. labor force, encompassing both employed and unemployed individuals, surged by 683,000 in August, following declines in June and July. However, many households are grappling with the high cost of living, and wage gains are not as substantial. Average hourly wages increased by 3.1% from a year earlier, the weakest year-over-year growth since May 2021.
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