Job market rebounds as employers add 162,000 jobs

The U.S. job market rebounded in August, adding 162,000 jobs and keeping the unemployment rate at 4.1%, according to a Labor Department report released Friday. Hiring beat expectations by a wide margin, with FactSet forecasting about 65,000 jobs. Revisions also helped: payrolls for June and July were increased by a combined 55,000. July employment was initially reported as a decline of 23,000 before coming in positive. The labor force rose by 683,000 after falling in June and July. Economists note a “no-hire, no-fire” dynamic—weak hiring, rare layoffs, and low unemployment—while entry-level job prospects remain difficult.