LOVING LABOR
10/07/2024 |
Wow! 254,000 net new September jobs, upward revisions of 72,000 to July and August, a decline in the unemployment rate from 4.2% to 4.1%, no decline in the labor force participation rate, a rise in wages, and much more, a strong report! With nonfarm payrolls currently the most important Fed datapoint, a 50bps cut in the Fed funds rate in early November is off the table. Recession likelihood ticks down.