PAYROLL PARADOX

August net jobs grew a screaming 162,000, and June and July were upwardly revised 55,000. Moreover, the workweek expanded from 34.3 hours to 34.4, and the labor force participation rate rose from 61.4% to 61.6%. The unemployment rate remained unchanged, and the broadest measure of unemployment fell from 7.9% to 7.7%. However, wage growth continued slowing and this report contradicts the Beige Book, ISM services and Gallup employment survey data.