US economy added 162,000 jobs in August
The US labor market surged with 162,000 new positions in August, driven almost entirely by women and supported by revised growth figures for June and July.
The US economy added 162,000 jobs in August, a significant increase that marks the strongest monthly growth since March. This figure far exceeds economist predictions of only 65,000 new positions and is more than double the previous month's adjusted gain. The unemployment rate held steady at 4.1 percent, beating forecasts of a slight rise to 4.2 percent.
Upward revisions significantly bolstered earlier months. June job growth was adjusted up from 20,000 to 31,000 positions. July grew from an initial loss of 23,000 to a net gain of 21,000 jobs.
Women accounted for approximately 98 percent of the month's growth, adding 158,000 positions. Men contributed the remaining 4,000 jobs. Laura Ullrich, director of economic research at the Indeed Hiring Lab, described this shift as changing before the eyes.
Healthcare and social assistance added 28,400 jobs. Local government education recovered with a gain of 41,900 positions.
Private sector activity showed different trends in ADP data. Private companies added 38,000 jobs in August, below expectations. Education and health services led this private hiring with 45,000 new roles. Manufacturing lost 17,000 jobs during the same period.
