The US economy added 162,000 jobs in August, roughly triple what economists had forecast and a dramatic reversal from July’s contraction of 23,000. The unemployment rate held steady at 4.1%, reinforcing the view that the labor market remains at full employment. Food services and local government education led the gains with 59,000 and 42,000 positions respectively. Annual wage growth came in at 3.1%, a pace that sits comfortably above inflation but not hot enough to alarm the Federal Reserve. June and July figures were revised upward by a combined 55,000 jobs.
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