Added 162,000 jobs in August, but wage growth continues to lag inflation

U.S. employers added 162,000 jobs in August, far above economists’ expectations for 53,000, and the unemployment rate stayed at 4.1%. Revisions increased June by 11,000 to a total of 31,000 added jobs, and July was revised up by 44,000 from a prior -23,000 reading, resulting in 21,000 net jobs. Economists viewed the combined figures as evidence of a stable labor market entering the fall, supporting resilient spending but also lifting expectations for a near-term Fed rate hike amid still-elevated inflation. Wage growth was 3.1% year-over-year, unchanged from July. Employment rose in restaurants and bars (+59,000) and local education (+42,000), while IT fell (-23,000).