US Job Growth Beats Forecasts As August Adds 162K Jobs

The United States economy surprised markets by adding 162,000 jobs in August, easily beating analyst estimates of around 65,000. The unemployment rate held steady at 4.1 percent, showing solid momentum that easily topped July numbers.

This growth was led by the leisure and hospitality sector, which bounced back with 62,000 new jobs mostly driven by restaurants and bars. Healthcare and local government education also added solid gains for the month.

Traditional stock markets fell slightly following the news. Traders are now shifting focus to the upcoming inflation data on September 11, which will heavily influence the next Federal Reserve interest rate decision.