The US economy created 201,000 new jobs in August, according to a report released by the Labor Department before markets opened on Friday. Economists were looking for a gain of about 190,000 jobs.
Unemployment rate remained at 3.9%. The health services, financial services, and education services sectors were the leading creators of new job during the month, each adding 53,000.
However, the most important news in the report was the surge in average hourly earnings for American employees, which grew 2.9% year over year and 0.4%, or 10 cents, over last month to $27.16.
This is the highest annual wage growth figure for workers on private non-farm payrolls since May 2009. Economists have been keeping a keen eye on wages for signs of causing inflation to the economy.