Hiring grew far more than expected in August, bouncing back from a decline in employment a month earlier, according to the federal government's monthly jobs report.

Employers added 162,000 jobs in August, which marked a major improvement from 23,000 jobs lost in July, the U.S. Bureau of Labor Statistics data showed.

Hiring came in well above a monthly average gain of 31,000 jobs over the previous 12 months.