US Unemployment Came in at 4.1%

U.S. nonfarm payrolls increased by 162,000 in August, sharply beating expectations for a 55,000-56,000 gain. The unemployment rate held at 4.1%, matching forecasts. Average hourly earnings rose 3.1% year over year, above the 3.0% estimate, while monthly wages increased 0.3%, in line with expectations. The stronger-than-expected jobs report signals a resilient labor market and could influence expectations for the Federal Reserve’s September interest-rate decision.