Here is the week in economics, explained without the jargon.

A surprisingly strong jobs report

The economy added 162,000 jobs in August - roughly three times what economists had forecast, and the strongest month since March. The unemployment rate held steady at 4.1%. The catch is pay: average hourly earnings rose 3.1% over the past year, which is slower than prices are rising, so many workers are still falling behind in what their paychecks can actually buy.

Factories keep humming, but orders cool

A closely watched survey of manufacturers showed factory activity growing for the eighth month in a row, though a little more slowly than in July. New orders cooled, and manufacturers reported their own costs are still rising steadily - a sign that higher prices could keep working their way through to shoppers.

Job openings hold steady

Separate data showed about 7.3 million open jobs in July, little changed from the month before. Fewer people are quitting their jobs, though, which usually means workers feel less confident they could easily find something better.

What it means for you

Gas averaged about $4.14 a gallon heading into Labor Day, and a strong jobs report gives the Fed more room to raise interest rates to fight inflation. If you’re job hunting, the market is still hiring - but budgets are being squeezed by prices at the pump.