The U.S. economy added 162,000 jobs in August, marking the largest monthly increase since March, according to new data from the Bureau of Labor Statistics.
The BLS also revised July figures. Initial estimates showed the U.S. economy lost 23,000 jobs that month, but updated data show employers added 21,000 jobs instead — a 44,000-job upward revision.
With hiring remaining steady, the U.S. unemployment rate held at 4.1% in August.
Over the past decade, the U.S. economy has averaged more than 123,000 new jobs per month. In the past 20 months, monthly job growth has exceeded that figure only four times.
RELATED STORY | Landing a job now takes more than just clicking apply, career experts say
Average weekly pay has increased 3.7% over the past year, suggesting wages are keeping pace with inflation.
ADP, which tracks private-sector employment, reported private employers added 38,000 jobs in August. The report said pay growth was strongest among workers who changed jobs. Base pay for workers who stayed in their jobs increased 3%, while workers who changed jobs saw a 4.7% increase.
RELATED STORY | Private-sector hiring hit the brakes in August with just 38,000 jobs added
