August employment report in the USA: non-farm jobs increased by 162 thousand, exceeded expectations

The US Department of Labor announced the employment report for August.

Accordingly, employment in non-agricultural sectors in the country increased by 162 thousand people in August.

Market expectations were that non-agricultural employment would increase by 55 thousand people in this period.

While there was an increase in employment in food and beverage services and education sectors affiliated with local governments, there was a loss of employment in the information sector.

An upward revision was made in the June and July data regarding non-agricultural employment.

While the increase in non-agricultural employment in June was increased from 20 thousand to 31 thousand, the decrease of 23 thousand in July was revised as an increase of 21 thousand. Thus, the total employment level for June and July was 55 thousand people higher than previously announced.

Unemployment rate did not change

The unemployment rate in the USA remained unchanged in August, reaching 4.1 percent. Market expectations were for the unemployment rate to be at the same level.

The number of unemployed people in the country increased by 115 thousand in August, reaching 7 million 31 thousand. The labor force participation rate also increased by 0.2 points to 61.6 percent.

Average weekly working hours increased by 0.1 hours in August, reaching 34.4.

Average hourly earnings, closely monitored by the US Federal Reserve (Fed), increased by 0.3 percent on a monthly basis and 3.1 percent on an annual basis in the same period, reaching $37.75.

The annual increase in average hourly earnings was the lowest recorded since May 2021.

Average hourly earnings, which increased in line with market expectations on a monthly basis in August, were expected to increase by 3 percent on an annual basis. Average hourly earnings increased by 0.2 percent monthly and 3.2 percent annually in July.