According to Huatai Securities, the agricultural sector greatly exceeded expectations in August. There was an improvement in the previous two months, and the unemployment rate remained low. Under the guidance of Walsh's almost “perfect” hawkish speech at the Jackson Hole conference, the risk of the Federal Reserve's credibility without raising interest rates is high, and it is difficult to ride on the back. In August 2026, the US added 162,000 non-agricultural workers, which was significantly higher than Bloomberg's agreed estimate of 56,000, with a cumulative increase of 55,000 in the first two months; the unemployment rate remained low at 4.1% in August when the labor participation rate exceeded expectations; the hourly wage growth rate rebounded to 0.3% month-on-month, slowing 0.1 pp to 3.1% year over year, all in line with expectations; and weekly working hours exceeded expectations by 0.1 pp to 34.4 hours. Although the strengthening of agricultural agriculture in August was driven by the previously unusually weak employment recovery in local governments and leisure hotels, the previous value was revised and the unemployment rate remained low, compounded by Walsh's previous almost “perfect” hawkish statement. Unless the August CPI data released later slows significantly, the Federal Reserve will not raise interest rates in September or it will be difficult to maintain its credibility.

According to Huatai Securities, the agricultural sector greatly exceeded expectations in August. There was an improvement in the previous two months, and the unemployment rate remained low. Under the guidance of Walsh's almost “perfect” hawkish speech at the Jackson Hole conference, the risk of the Federal Reserve's credibility without raising interest rates is high, and it is difficult to ride on the back. In August 2026, the US added 162,000 non-agricultural workers, which was significantly higher than Bloomberg's agreed estimate of 56,000, with a cumulative increase of 55,000 in the first two months; the unemployment rate remained low at 4.1% in August when the labor participation rate exceeded expectations; the hourly wage growth rate rebounded to 0.3% month-on-month, slowing 0.1 pp to 3.1% year over year, all in line with expectations; and weekly working hours exceeded expectations by 0.1 pp to 34.4 hours. Although the strengthening of agricultural agriculture in August was driven by the previously unusually weak employment recovery in local governments and leisure hotels, the previous value was revised and the unemployment rate remained low, compounded by Walsh's previous almost “perfect” hawkish statement. Unless the August CPI data released later slows significantly, the Federal Reserve will not raise interest rates in September or it will be difficult to maintain its credibility.