Bloomberg Surveillance · Friday, September 4, 2026
The August jobs report revealed non-farm payrolls rose by 162,000, significantly exceeding estimates and indicating a stronger labor market than anticipated. Despite this positive job creation, the unemployment rate remained stable at 4.1%. This robust report is prompting traders to increase bets on a potential Federal Reserve interest rate hike in September.
“And with your breaking news on the payrolls numbers for August, the two-month payroll net revision data adds 55,000 jobs to the United States. Non-farm payrolls rising, therefore, month on month by 162,000. That is a, well, three times the estimate, 55,000. The unemployment rate, though, stays the same, 4.1%. The estimate had been for that to stay on hold. And indeed, that's where we are.”
“So, this in breaking news, Treasuries tumbling after August job creation tops estimates.”
“The U.S. August non-farm payrolls data. Tom and Damien, what do you make of it?”