162,000 Jobs Split the Tape, Not the Cycle
The Bureau of Labor Statistics printed 162,000 August payrolls Friday morning. Unemployment held 4.1 percent, wage growth cooled to 3.1 percent, and July's supposed job loss was revised into a 21,000 gain. Two-year yields jumped; stock futures dipped then recovered; Micron ran on memory, not hiring.
he Bureau of Labor Statistics reported 162,000 August payrolls at 8:30 a.m. Eastern, more than double the 65,000 consensus. Unemployment stayed at 4.1 percent. Average hourly earnings slowed to 3.1 percent year over year, a five-year low still below inflation. July's 23,000-job loss was revised to a 21,000 gain; June moved to 31,000 from 20,000. The two-year Treasury yield jumped. Dow futures dropped about 150 points, S&P 500 futures slipped 0.2 percent, Nasdaq 100 futures held a thin plus — then the cash open began stitching the dip back. Three stories printed in the same hour. The Payroll Rebound Was Payback, Then Concentration
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