According to the CITIC Securities Research Report, the number of new non-farm payrolls in the US in August 2026 was much higher than expected. The leisure hotel and healthcare industry contributed significantly, and the number of local government education jobs rebounded. In terms of the private sector structure, the commodity production sector increased employment for the sixth month in a row, which may reflect the demand for data center construction in the US. The decline in employment in the financial and information technology sector reflects the impact of AI. The unemployment rate remained at 4.1% in August, at 4.14% with two decimal places, and the labor force participation rate rebounded from 61.4% to 61.6%. The continuous decline in the participation rate of people aged 45-54 remains to be observed. Strong non-agricultural data in August are counterbalanced by Federal Reserve Governor Waller's remarks. The market once again prices the probability of interest rate hikes in September at around 60%. Next, we will focus on the August CPI released on September 11.

According to the CITIC Securities Research Report, the number of new non-farm payrolls in the US in August 2026 was much higher than expected. The leisure hotel and healthcare industry contributed significantly, and the number of local government education jobs rebounded. In terms of the private sector structure, the commodity production sector increased employment for the sixth month in a row, which may reflect the demand for data center construction in the US. The decline in employment in the financial and information technology sector reflects the impact of AI. The unemployment rate remained at 4.1% in August, at 4.14% with two decimal places, and the labor force participation rate rebounded from 61.4% to 61.6%. The continuous decline in the participation rate of people aged 45-54 remains to be observed. Strong non-agricultural data in August are counterbalanced by Federal Reserve Governor Waller's remarks. The market once again prices the probability of interest rate hikes in September at around 60%. Next, we will focus on the August CPI released on September 11.