Hiring bounces back in August with 162,000 jobs added

The U.S. labor market recovered in August, with employers adding 162,000 jobs, significantly exceeding the 65,000 predicted by FactSet forecasters. The unemployment rate held steady at 4.1%. Additionally, Labor Department revisions increased June and July payrolls by 55,000, correcting July's initial report from a loss of 23,000 to a gain of 21,000. President Donald Trump welcomed the results, stating that the strong hiring numbers broke all estimates by double and triple just before the midterm elections.