U.S. payrolls rose 162,000 in August, much more than expected; unemployment rate at 4.1%

Summary

Rick Santelli breaks down the August jobs report, which showed nonfarm payrolls up 162,000, well above expectations, with upward revisions, stronger manufacturing jobs, stable unemployment at 4.1%, and improved labor force participation. He concludes the strong labor data should push interest rates higher and that September Fed rate probabilities may move up. The hosts also acknowledge Santelli's upcoming retirement.

• August nonfarm payrolls rose 162,000, about three times expectations.
• Two-month net revisions were revised up by 55,000.
• Manufacturing jobs increased 16,000, a new high for the year.
• Unemployment rate held at 4.1%; labor force participation rose to 61.6%.
• Underemployment rate improved from 7.9% to 7.7%.
• Rick Santelli says strong labor data should push interest rates higher.
• Attention turns to whether September Fed rate hike odds rise.
• Becky Quick and Steve Liesman discuss Santelli's retirement.