August’s jobs report smashed expectations with 162,000 new nonfarm payrolls — the strongest monthly gain since March — while unemployment held steady at 4.1%. The labor market’s resilience, even as more people joined the workforce, signals economic strength. Inflation data next week will be the Fed’s next big focus, with markets reacting nervously as stock futures dipped and short-term yields surged. Behind the numbers: restaurants, education, and manufacturing led gains, while tech lost 23,000 jobs — possibly an early AI ripple effect. And the broader unemployment rate? Down to 7.7%, its lowest since last summer.
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