U.S. Economy Adds 162,000 Jobs in August, Beating Expectations

The U.S. economy added 162,000 jobs in August, a stronger-than-expected showing that offered fresh evidence of resilience in the labor market as manufacturing and construction hiring picked up.

The unemployment rate held steady at 4.1%. August payroll growth was well above the average monthly gain over the previous year.

The White House pointed to the report as evidence that President Donald Trump’s economic agenda is gaining traction, highlighting growth in manufacturing, construction and private-sector employment.

Manufacturing added 16,000 jobs in August, while construction employment increased by 22,000. Administration officials have pointed to investment in pharmaceutical production, defense manufacturing, data centers and semiconductor facilities as contributors to demand for workers.

The broader jobs report also showed gains in food services and drinking places and local government education, while the information sector lost jobs.

Wages continued to rise, with average hourly earnings for private-sector workers increasing during the month and remaining above year-ago levels.

The report also included upward revisions to earlier employment figures, adding to previously reported job growth for June and July.

Administration officials said more than one million private-sector jobs have been created since Trump began his second term and argued that tax, trade and regulatory policies are encouraging more investment in domestic production. The federal jobs report itself does not attribute employment changes to specific policies.

The August numbers marked a notable acceleration from the weaker hiring seen during much of the previous year, giving investors and Federal Reserve officials another important labor-market reading as they assess the direction of the economy.

By: Montana Newsroom News Wire