August payrolls rose 162,000, but a New York Fed survey found consumer expectations of higher unemployment at their highest since April 2020, even as consumer credit expanded $18.06bn on debt-financed borrowing, complicating the case for a Fed pause before September 16.
August payrolls more than tripled the 56,000 consensus, stripping away a labor-market case for easier policy before the Sept. 15–16 FOMC. Source
