The US jobs report released on September 4, 2026, showed nonfarm payrolls rose by 162,000 in August, while unemployment held at 4.1%. The Federal Reserve raised its target interest-rate range later that month.
What the US jobs report showed
Hiring exceeded market expectations, and the June and July payroll figures were revised upward by a combined 55,000.
The labor force grew by 683,000, lifting the participation rate to 61.6% from 61.4%. Average hourly earnings rose 0.3% for the month and 3.1% year to date.
In an analysis published on October 26, JustMarkets said the increase in participation pointed to a larger labor supply, which could ease upward pressure on wages.
| Item | Details |
|---|---|
| Two-year Treasury yield | Rose to about 4.37% |
| Dollar index | Gained 0.2% |
| Spot gold | Fell 1.2% |
| S&P 500 | Declined 0.38% |
Markets and the Fed’s subsequent decision
Markets initially interpreted the employment figures as increasing the likelihood of tighter Federal Reserve policy. Treasury yields and the dollar rose, while gold and the S&P 500 fell.
On September 16, the Fed increased its target range by 25 basis points to 3.75%–4.00%. The employment data were one part of the policy backdrop; the market reaction alone does not establish that the report caused the rate decision.
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