In this edition, we'll cover the latest economic news, stock market & mortgage rate news this past week.

Hope you all have a happy Labor Day holiday!

The Job Market Showed a Significant Improvement in August

The August jobs report provided some encouraging news about the strength of the economy. The Bureau of Labor Statistics reported that US employers added 162,000 jobs, the strongest monthly gain in five months and far above economists’ expectations. The unemployment rate remained unchanged at a relatively low 4.1%. Average hourly earnings increased 3.1% from one year ago, slightly higher than the 3.0% annual increase recorded the previous month. There was also some good news in revisions to earlier reports: June and July employment gains were revised upward by a combined 55,000 jobs, with July revised from a previously reported loss of 23,000 jobs to a gain of 21,000. The labor force also grew by 683,000 people in August, while the number of people working part-time because they could not find full-time work declined by 414,000. Overall, the report suggests that the labor market, which had appeared to be slowing considerably, remains more resilient than previously thought. The stronger employment numbers are positive for the overall economy, although they could make the Federal Reserve more cautious about lowering interest rates as it continues to monitor inflation.