The job growth in US has sped up greatly in the month of August, thanks to the sustained momentum in the economy.

This increase is largely in accordance to the prediction that the economists made last month regarding the increase in the nonfarm payrolls by 225,000. The average hourly earnings are also expected to have increased by 0.2% after being flat in July.

August is the seventh month in the row that has witnessed an increase in employment above 200,000 jobs. Such a stretch was last witnessed back in 1997. Economists now want to revise the job data that they previously reported for June and July, considering the recent trend of upward revisions.

Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania, said, "It would be further confirmation that the economy is strengthening and is poised to break out later this year or early next".

The US Labor Department will be releasing its monthly employment report on Friday and it holds a lot of importance, given the fact that the report regularly sets the tone for financial markets worldwide.

The jobs data will come ahead of a Fed policy meeting that is to be held from September 16-17.

Though the third-quarter growth estimates range as high as a 3.5% annual rate, higher than the economy's long-term growth potential, which economists peg as between 2.0% and 2.5%, but still solid jobs growth alone is not sufficient for the Federal Reserve to initiate an early interest rate increase.

Speaking in this context, Fed Chairman Janet Yellen stated that she is concerned about sluggish wage growth, the still-elevated numbers of Americans working part-time even though they want full-time employment and Americans still suffering from a long spell of joblessness.