The Bureau of Labor Statistics released its August jobs report, showing an unexpected gain of 162,000 nonfarm payrolls, far exceeding market forecasts. The veteran unemployment rate dropped notably, though wage growth continued to lag behind inflation. Following the release, President Trump cited the data to urge Federal Reserve rate cuts.
- U.S. nonfarm payrolls added 162,000 jobs in August, far above the 53,000 forecast by analysts.
- The post-9/11 veteran unemployment rate fell to 3.5% from 4.7% in July, with the overall veteran rate dropping to 3.4%, below the national 4.1%.
- Economist Heather Long noted that 3.1% wage growth lagged behind the 3.4% inflation rate.
- President Trump cited the jobs data to urge the Federal Reserve to cut interest rates.