U.S. payrolls rose 162,000 in August, much more than expected; unemployment rate at 4.1%

The U.S. economy added jobs at a brisk pace in August, reversing a summer slowdown in hiring, while the unemployment rate held steady.

Nonfarm payrolls rose a seasonally adjusted 162,000 for the month while the unemployment rate, as expected, held steady at 4.1%, the Bureau of Labor Statistics reported Friday. Economists surveyed by Dow Jones had been looking for a payrolls increase of 53,000.

August's total was the strongest monthly gain since March.

The report was consistent with what Federal Reserve officials have called a stable labor market, and likely turns the central bank's focus to next week's inflation numbers as the final determinant heading into the interest rate decision in less than two weeks.

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