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πŸ‡ΊπŸ‡Έ US payrolls beat wasn't the story, the revision was

πŸ‡ΊπŸ‡Έ US payrolls beat wasn't the story, the revision was

US payrolls rose 162k in August, nearly triple forecasts, but June and July were revised up a combined 55k, undercutting weeks of talk about a cooling labor market. Hot inflation data pushed futures-implied odds of a September rate hike back to roughly 58-60%.

Stacked bar chart of US nonfarm payrolls 3-month moving average by sector from 2021 through 2026, with a white total line overlay.
Michael McDonough’s three-month payrolls average rebounded after July’s scare, a smoother read that undercuts the cooling-labor case heading into the September FOMC. Source

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