Hiring Surges Unexpectedly in August With 162,000 Jobs Added in Key Signal for Fed

Defying expectations, the U.S. economy added 162,000 jobs in August, marking a major turnaround after two disappointing months in a row, while the national unemployment rate held steady at 4.1%.The latest report from the Bureau of Labor Statistics, released Friday, shows that nonfarm payrolls significantly expanded at the end of summer, even as most economists expected a far more modest hiring growth in the 53,000 to 65,000 range.This latest print, coming just days before the September meeting of the Federal Open Market Committee (FOMC), sets the stage for a potential interest rate hike.Under its dual mandate to promote maximum employment and stable prices, the central bank typically raises rates to curb inflation and lowers them to stimulate hiring. A hiring boom in food services and drinking places led the way with 59,000 jobs added in August, followed by local government education, which gained 42,000 positions, mostly offsetting July's decline.Other sectors that saw growth include manufacturing (16,000); health care (13,000), and home health service (11,000). Meanwhile, information and computing infrastructure providers ended the month in the red, shedding 23,000 and 8,000 jobs...