Payroll employment increases by 162,000 in August; unemployment rate unchanged at 4.1%

August nonfarm payrolls rose by 162,000, while the unemployment rate held steady at 4.1%. Job gains were concentrated in food services/drinking places and local government education, offset by losses in the information industry. Net-wise this is a modest growth print that is likely to keep the market focused on the path of rate expectations rather than triggering an outsized repricing.