Payrolls rebound to 162K, and July is no longer negative

August payrolls rose 162,000, and revisions turned July’s first-reported decline into a gain. Unemployment held at 4.1%. The stalled labor market in last month’s lead story did not survive the revisions.

Zovos AI Research
Sep 24, 2026 · 4 min read
CreditDeposits
Up: +162K
Nonfarm payrolls · Aug (prelim.)
4.1%
Unemployment · unchanged
Up: +55K
Jun–Jul revisions
3.1%
Wages y/y · below CPI

Total nonfarm payroll employment rose by 162,000 in August, according to the September 4 Employment Situation release. It was the strongest gain since March and far above expectations. The revisions reversed the story we led with last month. July, first reported as a 23,000 decline, now shows a 21,000 gain, and June was revised up to 31,000. Combined, June and July are 55,000 higher than previously reported. The August figure is preliminary and will be revised twice more.

The unemployment rate held at 4.1%, and labor-force participation rose to 61.6%. Average hourly earnings rose 10 cents, or 0.3%, to $37.75, and are up 3.1% over the year. That is still below August’s 3.4% CPI, so real wages are falling.

How the record changed

Payroll gains · as first reported vs. as revised
MonthFirst reportedNow
June+57K+31K
July−23K+21K
August+162KPreliminary
BLS Employment Situation, August 2026 (Sept 4 release)
Two months ago the revisions took jobs away. This month they gave them back. Build credit assumptions on the three-month average, never on a single print.
What this means for your bank
  • Unwind any recession overlay you added on July’s negative print. The revised record shows slow growth instead of contraction.
  • Keep the real-wage squeeze in view. Wages rising 3.1% against 3.4% inflation put pressure on lower-income borrowers even with hiring intact.
  • Expect a labor market this firm to keep the Fed on its hiking path, and price deposits accordingly.
From Zovos AI

Zovos re-runs your credit and deposit baselines when a revision moves the macro record in either direction.

Sources
Employment Situation, August 2026bls.gov ↗August jobs report: US adds 162,000 positions (Fox Business)foxbusiness.com ↗

This is for information only and is not legal or investment advice. Verify all figures against the linked primary sources before acting.

Keep reading
Federal Reserve · FOMC

The Fed hikes unanimously for the first time since 2023

Read →
Labor · Macro

Payrolls turn negative, and the months behind them shrink

Read →
All stories

Browse the full Regulatory Radar

Open →