The August jobs report came in far stronger than expected, but the numbers landed under a new statistics chief installed after Trump fired the last one — and wages are still losing to inflation.

• The economy added far more jobs than economists forecast, and past months were revised up instead of the usual down.
• It was the first report under a new head of the Bureau of Labor Statistics, hired after Trump fired the previous one over weak numbers.
• Wage growth is the slowest in five years and is running below inflation, so pay raises are being wiped out.
• Credit card debt is at a record high, savings are at their lowest in years, and more people are taking out personal loans.
• Most of the new jobs came from restaurants, bars, and government schools — not the factory boom the White House is claiming.

Outlook: With pay falling behind prices and household debt climbing, consumer spending is likely to slow even as the official numbers look strong.