The U.S. Economy Just Added 162,000 Jobs in August, Blowing Past Estimates: That's Both Good and Bad News for the Stock Market.
A strong jobs report hints at a healthy labor market, while simultaneously bolstering the case for an interest rate hike at the Fed's meeting later this month.
Overview
Another month and another jobs report that continues to befuddle economists.
Nonfarm payrolls added a seasonally adjusted 162,000 jobs in August, more than triple economists' estimates of 53,000 job gains. Additionally, the job numbers for both June and July were revised upward, with July notably revised from a 23,000 job loss to a 21,000 gain.
Details
In an even better sign for the labor market, gains were broad-based and evident in sectors including restaurants, government education, and manufacturing. Meanwhile, information-related industries saw a decline of 23,000, suggesting artificial intelligence could be having an impact.
Source
Originally published at www.fool.com.