Booming Jobs: Economy Adds 162,000 Payrolls, Boosting Fed Hike Bets

The U.S. economy created 162,000 jobs in August, sharply missing estimates of 56,000 and pointing to strengthening labor market conditions.

Private payrolls rose by against forecasts of 127,000, while government payrolls added 35,000, the Bureau of Labor Statistics said Friday,

The overall increase in total non-farm payrolls marked a rebound from July’s 21,000, revised up from an initially reported loss of 23,000.

The unemployment rate held at 4.1%, matching expectations.

Average hourly earnings rose 0.3% month-over-month matching forecasts, taking the annual pace to 3.1% from 3.2% in July.

Fed rate hike odds surged immediately after the release.

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