Economists at the Dow Jones had estimated that there would only be 53,000 jobs added to the economy.
According to the Bureau of Labor Statistics, "Total nonfarm payroll employment increased by 162,000 in August, and the unemployment rate was unchanged at 4.1 percent."
Economists at the Dow Jones had estimated that there would only be 53,000 jobs added to the economy. The gain in jobs was the strongest showing for the economy since March. The report underscores statements from the Federal Reserve which have said that there is a stable labor market in the country.
The main industries that saw increases in jobs growth included restaurants and drinking places, indicating higher demand from people with extra money to spend on leisure. Food services and drinking places saw 59,000 jobs added in August. Over the last 12 months, that number has been 12,000 on average.
Local governments added 42,000 jobs in August, indicating that school is starting back up after there was a dip in local government jobs in the beginning of the summer. Manufacturing increased by 16,000 and machinery manufacturing increased by 6,000.
The White House touted the manufacturing job gains, posting on X, "Manufacturing is roaring back under President Trump," along with a graph showing the job gains. Wages also increased.
"In August, average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents, or 0.3 percent, to $37.75. Over the year, average hourly earnings have increased by 3.1 percent," the Bureau of Labor Statistics said in its press release.
Trump said in a post to Truth Social about the jobs numbers, "Great jobs number just announced, breaking all estimates (except mine!) by double and triple - And you haven’t seen anything yet! EMPLOYERS ADDED 162,000 JOB IN AUGUST. Lower the interest rates because the U.S.A. is a much stronger credit than it was just a short time ago!"
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