US nonfarm payrolls surge in August; unemployment rate steady at 4.1%

The U.S. saw a significant surge in nonfarm payrolls in August, adding 162,000 jobs, according to the Labor Department's latest employment report. This comes after an upward revision of 21,000 jobs in July, which surpassed both initial expectations and predictions from economists surveyed by Reuters. While the unemployment rate remained steady at 4.1%, the stronger labor market momentum suggests the Federal Reserve could still consider raising interest rates this month.

The anticipation of a rate hike had diminished ahead of the report, with financial markets now giving a 52% chance of a September 15-16 meeting rate increase, down from 63.2% the previous day. Concern over cooling inflation and the Fed's lack of clear guidance has pushed U.S. Treasury yields higher, affecting mortgage rates which recently topped 6.71%, potentially impacting the housing market.