August’s employment gain of 130,000 jobs was weaker than it looks as it includes 25,000 temporary Census workers. Moreover, payrolls were collectively revised down by 20,000 for June and July. But, pay increases appear to be strengthening, the unemployment rate is unchanged, the labor force participation rate rose, and hours worked rebounded slightly. The Fed will cut rates by 25pbs on 9/18/19. The slowdown is real; recession fears are overblown.