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August Hiring Crushes Forecasts, Lifts Treasury Yields
Nonfarm payrolls increased by 162,000 in August, nearly triple the 55,000 consensus estimate, while the unemployment rate held at 4.1%, the Bureau of Labor Statistics reported. The gain was well above the 31,000 monthly average over the previous 12 months.
Previous payroll readings were revised higher. June employment increased by 31,000, up from the initially reported 20,000, while July was revised to a 21,000 gain from a 23,000 decline.
The labor force participation rate edged up to 61.6%, although it remained half a percentage point below January. The employment-population ratio was little changed at 59.1%. Average hourly earnings rose 0.3% in August and 3.1% from a year earlier.
Treasury yields jumped sharply after the report. The policy-sensitive two-year yield approached 4.4%, while the benchmark 10-year yield moved near 4.8%.
- ◦Economy
