August Payrolls Rebounded to 162,000, but June and July Added Just 52,000 Jobs

America's hiring machine barely turned over in August, and the week's data says the pause is carrying into September. Payrolls rose by just 162,000 last month, a burst that hides the real story: June and July together added only 52,000 jobs, the weakest two-month stretch since the pandemic recovery. The three-month average sits at 71,000, less than half the pace employers sustained a year ago. The unemployment rate fell to 4.1 percent, but the drop was for the bad reason: participation fell with it, down to 61.6 percent. We broke down why that 4.1 percent unemployment rate is worse than it looks in The Unemployment Rate Fell to 4.1 Percent for the Worst Reason: Workers Vanished . The improve…