AUGUST JOBS STRENGTH MAY HAVE BEEN OVERSTATED August payroll growth of 162K was boosted by unusually favorable seasonal adjustments. On an unadjusted basis, the economy added just 154K jobs, near 2025 levels. Using last year’s seasonal factor, August payroll growth would have been only around 15K. The distortion suggests August’s headline strength may be a weak benchmark for September, reinforcing the need to focus on underlying payroll trends.(彭博社)