The August 2026 jobs report blew all expectations out of the water.
Economists expected the economy to add only 53,000 jobs.
Well…the report shows the economy added 162,000 jobs:
- Food services and drinking places: +59,000
- Local government education: +42,000
- Manufacturing: +16,000
- Health care: +13,000
- Information: -23,000
- Construction: +22,000
Other major industries showed little change: mining, quarrying, and oil and gas extraction; wholesale trade; retail trade; transportation and warehousing; financial activities; professional and business services; and social assistance.
Unemployment remained steady at 4.1%, leaving “it at a historically low level that indicates the labor market remains generally healthy.”
“What a ‘wow’ jobs report,” said Heather Long, the chief economist at the Navy Federal Credit Union, told CBS News. “The hiring rebound in education was expected as teachers head back to work, but it was encouraging to see the bounce back in hospitality as well, especially restaurants.”
The six-month hiring average has skyrocketed.
With the latest figures, the six-month hiring average is up to 107,000 and 106,000 for all employers and private-sector employers, respectively. These are the highest levels in more than two years. pic.twitter.com/xrw1qtTxh6
— Nick Timiraos (@NickTimiraos) September 4, 2026
Average hourly earnings for all employees rose by 10 cents in August. Those earnings are up 3.1% over the year.
The labor participation rate hit 61.6%, but remains 0.5% down since January.
I’ve always told you guys that revisions are an important part of each jobs report.
June and July had an awful jobs report, but the revisions tell a different story. It’s still not great, but not as bad:
The change in total nonfarm payroll employment for June was revised up by 11,000, from +20,000 to +31,000, and the change for July was revised up by 44,000, from -23,000 to +21,000. With these revisions, employment in June and July combined is 55,000 higher than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.)
Trump once again called on the Federal Reserve to cut the rates:
Great jobs number just announced, breaking all estimates (except mine!) by double and triple – And you haven’t seen anything yet! EMPLOYERS ADDED 162,000 JOB IN AUGUST. Lower the interest rates because the U.S.A. is a much stronger credit than it was just a short time ago! A STRONG COUNTRY MEANS A LOWER INTEREST RATE – IT’S A BETTER CREDIT…Very simple! We should have the LOWEST RATE of any country in the World, like “the old days.” Without the United States agreeing to allow them their big surpluses, and we could stop that immediately, they would no longer be considered financially ELITE! LOWER THE RATE OR I’LL STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT, which the U.S. Supreme Court, in its ridiculous and very costly Tariff decision, strongly acknowledged “the President” has an absolute right to do. IT’S BETTER THAN TARIFFS! The Fed Board, with its great new leader, must get smart – BE PATRIOTS for a change. High interest rates put the U.S.A. at a very unfair disadvantage, and I won’t allow that to happen! President DONALD J. TRUMP
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