Hiring bounces back in August with 162,000 jobs added

The U.S. labor market bounced back in August as employers added a surprising 162,000 jobs, ending a summer of lackluster hiring growth with a bang. The unemployment rate remained at a low 4.1%. Hiring far exceeded the 65,000 jobs that forecasters had expected, according to a poll by FactSet. Labor Department revisions also looked good, adding 55,000 to June and July payrolls. Employers created 21,000 jobs in July; the Labor Department had originally reported that they’d cut 23,000. Two months before the midterm elections, President Donald Trump welcomed the strong hiring report Friday. “Great jobs number just announced, breaking all estimates (except mine!) by double and triple – And you haven’t seen anything yet!” Trump wrote in a social media post. But inflation has dominated conversations this year in business and households. Voters are increasingly frustrated by higher costs, particularly fuel prices that have hit record levels since the U.S. and Israel attacked Iran in late February. And meager pay raises have made rising prices more painful for many. Average hourly wages rose 3.1% last month from a year earlier, the weakest year-over-year increase since May 2021. Restaurants…