August payroll growth of 162K was boosted by unusually favorable seasonal adjustments.
On an unadjusted basis, the economy added just 154K jobs, near 2025 levels. Using last year’s seasonal factor, August payroll growth would have been only around 15K.
The distortion suggests August’s headline strength may be a weak benchmark for September, reinforcing the need to focus on underlying payroll trends.
AI Take
Neutral
계절조정으로 8월 고용 증가세가 부풀려졌을 가능성은 미국 고용시장 평가에 영향을 줄 수 있습니다. 시장은 9월 고용 지표와 기조적 고용 추세에 더 주목할 수 있습니다.