The Week in Review: September 8, 2026
Behind the Jobs Report
On Friday, the US Bureau of Labor Statistics (BLS) reported that nonfarm payrolls rose by a much greater-than-expected 162,000 jobs in August. The unemployment rate held steady at 4.1%.
On the surface, it’s a strong number, coming in at more than triple expectations. But a few caveats should be mentioned. For starters, it’s a volatile number, so don’t place too much weight on any report. Second, the report is subject to revisions.
July's reported decline of 23,000 jobs was revised to a gain of 21,000, and August’s initial reading may be revised, too. More importantly, the weakness suggested by the original July report contrasts with August's much stronger increase of 162,000.
Looking beyond monthly swings, the three-month average offers a more reliable assessment of the underlying trend and incorporates additional revisions for a more complete picture.
Over the past three months, nonfarm payrolls have risen an average of 71,000 jobs per month. The average monthly increase since the start of the year has been 80,000. It isn’t robust, but economic activity is translating into new jobs, even if it's spread unequally across industries.
We can also assess the labor market by examining the unemployment rate. This gauge is less volatile and has been trending downward since its most recent peak of 4.5% last November.
If you have questions, please let me know.
Market summary
TWO FOR THE ROAD
Google has agreed to buy 396 megawatts of power from Fervo Energy’s Cape Station geothermal project in Utah, the largest enhanced geothermal power purchase agreement to date. For scale, that is roughly enough electricity to power a city of 300,000. – WSJ, September 1, 2026
The Great Barrier Reef appears to be recovering. According to a recent report from the Australian Institute of Marine Science, hard coral cover in 2026 was well above the average level recorded since 1986 in the northern and central sections of the reef. Coral cover in the southern section was slightly below its long-term average. - Australian Institute of Marine Science, August 11, 2026
I hope you have a great week!
Warmest Regards,
Bill Stordahl, CFP®
Managing Director
Stordahl Capital Management
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