August Jobs Growth More Than Triple Economists' Estimates

America's employment situation rebounded sharply in August, as jobs growth greatly exceeded economists' estimates and July's surprise loss was revised to a modest gain.

The Labor Department reported Friday that nonfarm payrolls (NFP) jumped by 162,000 in August, soaring past Dow Jones-polled economists' expectations for growth of 53,000. Jobs totals for the prior two months were upwardly revised by a combined 55,000, too—July's initial read of -23,000 was changed to +21,000, while June's 20,000 payrolls were altered to 31,000.

The unemployment rate remained level at 4.1%, meeting expectations. Average hourly earnings were better by 0.3%, to $37.75. On a year-over-year basis, that's 3.1% higher, which also matched estimates.

"We think this volatility in monthly jobs data throughout the year reflects a combination of usual seasonality due to the low-hiring environment (weak data in months where hiring should be strong) coupled with large changes in the immigrant work force which can skew annual employment patterns in abnormal ways," Citi economist Veronica Clark says. "Throughout this year and into next, we still expect job growth to average around a low ~30k breakeven rate or possibly a bit softer."

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Here's a brief look at the August jobs report's most pertinent details:

• Aug payrolls: +162,000 (Est.: +53,000)
• Aug unemployment: +4.1% (Est.: 4.1%)
• Aug hourly earnings: +3.1% YoY (Est.: +3.1%)
• Jul payrolls (revised): +21,000 (Previously: -23,000)
• Jun payrolls (revised): +31,000 (Previously: +20,000)

The news follows a weak ADP private-sector employment report showing growth of 38,000 jobs last month, which was shy of expectations for 47,000. That said, U.S. companies revealed fewer plans for layoffs in August (53,000), according to Challenger, Gray & Christmas, marking a four-year low for the month.

This report will be updated.

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