CITIC Securities says August US nonfarm payrolls rose far above expectations,
led by leisure & hospitality and healthcare; local government education jobs
rebounded. Private-sector goods-producing payrolls increased for a sixth month,
possibly reflecting US data‑center construction demand; finance and
information‑technology employment fell, which the note links to AI disruption.
Unemployment held at 4.14% and the participation rate rose to 61.6% from 61.4%;
participation for ages 45–54 continues to lower drift. The strong payrolls
offset relatively dovish remarks from Fed Governor Waller; markets now price
roughly a 60% chance of a September Fed rate hike. Attention shifts to August
CPI due Sep. 11.
