US August non-farm payrolls +151K vs +180K expected

• Prior 255K. Revised to
• Unemployment rate 4.9% vs 4.8% exp. Prior 4.9%
• Average hourly earnings 0.1% m/m vs 0.2% exp m/m.
• Prior average hourly earnings 0.3%
• Avg hourly earnings 2.4% y/y vs 2.5% exp
• Participation rate 62.8% vs 62.8% prior
• Two month net revision: -1K
• Private payrolls 126K vs +180K exp
• Avg weekly hours 34.3 vs 34.5 exp
• Prior avg weekly hours 34.5 (revised to 34.4)
• Manufacturing payrolls -14K vs -3K exp

The headline number is just low enough to be a small disappointment but tack on the weak wage growth, weak hours worked and the rise in unemployment and it's a substantial disappointment.

A September rate hike is almost surely off the table now. The numbers needed to be nearly perfect between now and Sept 21.