After reporting weaker than expected job growth in the previous month, the Labor Department released a report on Friday showing employment in the us jumped by more than expected in the month of August.
Economists polled by Reuters had forecast nonfarm payrolls increasing by 191,000 jobs last month and the unemployment rate falling to 3.8 percent.
Average hourly earnings rose 0.4 percent from the prior month following a 0.3 percent gain, the report showed.
"While the pace of employment growth disappointed in July, all indicators suggest hiring ramped back up towards trend in August", said Sam Bullard, senior economist a Wells Fargo. Because of those strong numbers, unemployment rates remained at an historically low number at 3.9%.
But retail payrolls fell 5,900 last month and government shed 3,000.
Wages increased in August at their fastest year-on-year pace since the Great Recession, the USA jobs reportreleased Friday showed. "While the magnitude of any potential downward bias to August data can vary depending on the way it is measured, we think that it is probably modest (likely around 10-20k)", Silver said. Payrolls in the professional and business services industries rose by 53,000 jobs in August.
The US Federal Reserve, which has already raised rates twice this year, is due to meet on 25-26 September.
Taken as a whole, the data pointed to a job market that remains resilient even after almost a decade of economic growth - the second-longest such stretch in USA history - and even with tariffs and counter-tariffs on imports and exports looming over US employers that rely on global trade. The U.S. economy averaged 215,000 jobs a month in the first half of the year, a sign companies continue to grow and don't anticipate a downturn anytime soon.
Investors will look to see if tech stocks can get a bounce after three-straight losing days for the Nasdaq as emerging markets remain under pressure.
The jobless rate remains well below Fed estimates of levels sustainable in the long run.
Job gains for August topped those for July and June.
USA non-farm payrolls surged by 201,000 jobs last month, boosted by hiring at construction sites, wholesalers and professional and business services, the Labor Department said. The annual gain followed a 2.7% advance in July.
In its latest release of data, the BLS also stripped a total of 50,000 jobs from its two most recent jobs reports, saying total nonfarm employment had added 208,000 jobs rather than 248,000 in June, and 147,000 instead of 157,000 jobs in July.
Across all sectors besides management occupations, installation, maintenance and fix workers had the lowest unemployment rate, at 2.5%.
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