Non-farm payroll growth unexpectedly cooled in August, increasing by only 22,000. The June employment data was revised downward to negative growth, marking the first monthly employment contraction since 2020. The unemployment rate rose to its highest level since 2021. Interest rate swaps indicated traders priced in a 96% probability of a 25-basis-point interest rate cut by the US Fed at the September meeting, with expectations of a potential 50-basis-point cut this month.