Bloomberg Surveillance · Friday, September 4, 2026
The August non-farm payrolls report saw a significant upward revision, with prior months also revised higher. This data, combined with average hourly earnings and labor force participation rate, has influenced market sentiment and Fed policy expectations.
“Well, I mean, it's the revision, right? I mean, we went from down $ 23, 000 last month.”
“To up $ 21, 000. And now we're up $ 162, 000. Tom, you asked for it.”
“Look, you have some average hourly earnings data, the month-over-month acceleration of 0.3%. And the labor force participation rate, as we point out, higher. It's still coming off the lows.”