U.S. payrolls rise 162,000 in August, beating expectations

U.S. employers added 162,000 jobs in August, according to the Bureau of Labor Statistics, far above the 53,000 increase economists had expected. The unemployment rate stayed at 4.1%, matching forecasts and suggesting the labor market remained steady after a softer summer stretch. The gains were broadbased, with restaurants and bars, government education, and manufacturing contributing the most new jobs. Health care added fewer jobs than its recent average, while informationrelated industries posted declines. Average hourly earnings increased 0.3% from the prior month and were up 3.1% from a year earlier. The strongerthanexpected report led markets to reassess the outlook for Federal Reserve policy ahead of next week’s inflation data. Traders increased the odds of a possible rate hike at the Fed’s Sept. 1516 meeting, though officials said the inflation reports will likely be key in determining the next move.