Payrolls rise more than expected, unemployment rate jumps

(Sharecast News) - The US economy added more jobs than expected last month, according to figures released on Friday by the Bureau of Labor Statistics. Non-farm payrolls rose by 187,000 from July, coming in ahead of expectations for a 170,000 increase.

However, the data for July was revised down to show 157,000 jobs were created, down from 187,000 initially reported. The change for June was also revised down. to show a 105,000 jump from an initial estimate of a 185,000 gain.

The unemployment rate pushed up to 3.8% in August from 3.5% the month before, versus expectations for it to remain unchanged.

The figures also showed that average hourly earnings rose 0.2% on the month and 4.3% on the year.