Hiring burst of 162,000 jobs in August puts the focus squarely back on inflation in the US
- U.S. employers added 162,000 jobs in August, significantly exceeding the forecasted 65,000 and ending a summer of weak hiring.
- The unemployment rate remained steady at 4.1%, while the broader unemployment measure dropped to 7.7%, the lowest in over a year.
- Average hourly wages rose 3.1% year-over-year in August, marking the weakest increase since May 2021.
- Labor Department revisions added 55,000 jobs to June and July payrolls, with July revised upward from a reported loss of 23,000 to a gain of 21,000.
- The strong jobs report may increase the likelihood of a Federal Reserve rate hike on September 15-16, as solid hiring signals current borrowing costs may not be restraining inflation enough.
The U.S. labor market rebounded sharply in August with employers adding 162,000 jobs, far exceeding economist forecasts of 65,000. The unemployment rate held steady at 4.1%, while a broader measure of joblessness fell to 7.7%, the lowest level in over a year. Labor Department revisions also proved positive, adding 55,000 jobs to prior months' figures and upgrading July's initial loss of 23,000 to a gain of 21,000. Job gains were broad-based, with restaurants and bars adding 59,000 positions, construction adding 22,000, and manufacturers adding 16,000.
Despite the strong hiring figures, wage growth remains subdued. Average hourly wages increased just 3.1% year-over-year in August, the weakest pace since May 2021. This modest wage growth has compounded voter frustration over inflation, particularly elevated fuel prices that have reached record levels following U.S. and Israeli military action against Iran in late February. The labor force expanded by 683,000 in August after declining in the previous two months.
The robust jobs report has shifted focus back to inflation concerns and may prompt the Federal Reserve to raise interest rates at its September 15-16 meeting. Fed Chair Kevin Warsh emphasized that inflation at 3.7% remains significantly above the central bank's 2% target. Strong hiring signals that current borrowing costs may not be sufficiently restrictive to cool inflation, though some economists view August's rebound as a partial recovery from three months of weakness rather than a sign of sustained acceleration.
8月就业激增16.2万人 美国通胀问题重回焦点
美国8月劳动力市场出现强劲反弹，雇主新增16.2万个就业岗位，远超经济学家预期的6.5万个。失业率保持在4.1%，更广泛的失业率指标跌至7.7%，为一年多来最低水平。劳工部修正数据也表现良好，为前几个月增加了5.5万个就业岗位，并将7月从最初报告的减少2.3万人修正为增加2.1万人。就业增长广泛分布，餐饮业新增5.9万个岗位，建筑业新增2.2万个，制造业新增1.6万个。
尽管就业数据强劲，但工资增长仍然温和。8月平均时薪同比增长仅3.1%，为2021年5月以来最弱增幅。这种温和的工资增长加剧了选民对通胀的不满，特别是燃料价格创历史新高，这是美国和以色列在2月底对伊朗采取军事行动后的结果。8月劳动力人口增加68.3万人，此前两个月有所下降。
强劲的就业报告已将焦点转回通胀问题，可能促使美联储在9月15-16日会议上加息。美联储主席凯文·沃什强调，3.7%的通胀率仍远高于央行2%的目标。强劲就业表明当前借贷成本可能不足以有效冷却通胀，尽管一些经济学家认为8月的反弹只是对前三个月疲弱表现的部分恢复，而非持续加速的信号。