07.09.201808:39:00UTC+00U.S. Employment Jumps More Than Expected In August

After reporting weaker than expected job growth in the previous month, the Labor Department released a report on Friday showing employment in the U.S. jumped by more than expected in the month of August.

The Labor Department said non-farm payroll employment surged up by 201,000 jobs in August after climbing by a downwardly revised 147,000 jobs in July.

Economists had expected employment to increase by about 191,000 jobs compared to the addition of 157,000 jobs originally reported for the previous month.

Despite the stronger than expected job growth during the month, the unemployment rate held at 3.9 percent in August compared to expectations for a drop to 3.8 percent.

The report also said the annual rate of average hourly employee earnings accelerated to 2.9 percent in August from 2.7 percent in July. Wage growth had been expected to remain unchanged.