CITIC Securities said in a research note that U.S. nonfarm payroll growth for August 2026 came in well above expectations, with leisure and hospitality and healthcare making notable contributions, while local government education jobs rebounded. The note said private-sector hiring showed a sixth straight month of gains in goods-producing industries, which may reflect demand tied to U.S. data center construction. It also said job losses in finance and information technology reflected the impact of AI.
The report put the August unemployment rate at 4.1%, or 4.14% when expressed to two decimal places. Labor force participation rose to 61.6% from 61.4%, though the continued decline in participation among people aged 45 to 54 remains a point to watch. CITIC Securities added that strong payroll data was offset by dovish remarks from Federal Reserve Governor Christopher Waller, leading the market to again price the probability of a September rate hike at around 60%. The next key data point, according to the note, is the August CPI report due on Sept. 11.
ChainCatcher reported that a CITIC Securities research note said U.S. nonfarm payrolls for August 2026 increased by much more than expected, with leisure and hospitality and healthcare making notable contributions, while local government education jobs rebounded.
The note said that within the private-sector breakdown, goods-producing industries added jobs for a sixth consecutive month, which may reflect demand from U.S. data center construction. Declines in employment in finance and information technology reflected the impact of AI, according to the report.
The August unemployment rate held at 4.1%, or 4.14% to two decimal places. Labor force participation rose from 61.4% to 61.6%. The continued decline in the participation rate among people aged 45 to 54 still warrants attention, the note said.
CITIC Securities said strong August payroll data was offset by dovish remarks from Federal Reserve Governor Christopher Waller, prompting markets to again price the probability of a September rate hike at around 60%. The next focus is the August CPI report scheduled for release on Sept. 11.
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