Jobs Report Comes in Much Stronger Than Expected

Hiring snapped back in August, giving the US job market a jolt after a sluggish summer:

• The Labor Department said employers added 162,000 jobs last month, easily topping economists' expectations of 53,000 and marking the strongest gain since March, reports CNBC. The figure is up from July, which edged into positive territory thanks to a revised increase of 55,000 jobs.
• The unemployment rate stayed at 4.1%, matching forecasts and reinforcing what Federal Reserve officials have described as a steady labor market, per the Wall Street Journal.

• The markets weren't thrilled with the good news, figuring that the data makes the Fed less likely to cut rates later this month. The Dow and S&P 500 futures both fell, modestly, into negative territory upon the report's release. Both indexes were down about 0.2%.