US economy adds 162,000 jobs in August

The manufacturing sector added 16,000 jobs in August.

The US economy added more jobs than expected in August, while the unemployment rate held steady at 4.1%, according to data from the Bureau of Labor Statistics.

The US economy added 162,000 jobs in August, above expectations for an increase of 53,000, according to the data.

The manufacturing sector added 16,000 jobs in August, while employment in the healthcare sector increased by 13,000 and construction jobs rose by 22,000.

The bureau also revised its estimates for job growth in the previous two months. July data were revised to show the economy added 21,000 jobs, compared with a loss of 23,000 in the previous estimate. June data were also revised up by 11,000 jobs to show an increase of 31,000 jobs.

What does this mean? The data reflect resilience in the US labor market, increasing the likelihood that the Federal Reserve could raise interest rates to curb inflation amid higher energy prices due to the war in the Middle East. This could also push bond yields higher.