US Aug nonfarm payrolls +162k vs +56k expected; private +127k, manufacturing +16k — all well above forecasts. July nonfarm revised from -23k to +21k, reversing prior downside signal. Unemployment 4.1% unchanged; labor force participation up to 61.6% from 61.4%; U6 down to 7.7%; average weekly hours 34.4. Average wages +0.3% MoM, +3.1% YoY. ADP private payrolls rose just +38k and missed the official rebound. Report restores a hawkish employment narrative — weak prior payrolls appear to have refle

US Aug nonfarm payrolls +162k vs +56k expected; private +127k, manufacturing +16k — all well above forecasts. July nonfarm revised from -23k to +21k, reversing prior downside signal. Unemployment 4.1% unchanged; labor force participation up to 61.6% from 61.4%; U6 down to 7.7%; average weekly hours 34.4. Average wages +0.3% MoM, +3.1% YoY. ADP private payrolls rose just +38k and missed the official rebound. Report restores a hawkish employment narrative — weak prior payrolls appear to have reflected supply constraints rather than demand collapse — supporting hawkish policy pricing. Policy focus shifts to the next CPI; employment no longer argues for policy easing, while inflation will drive the September policy debate.