PAYROLL PAUCITY

September net job growth was 29,000, while July/August was collectively revised down 60,000. Since 1/25, average job growth/month has been 34,667, making this month’s number more evidence of the new normal. With the current immigration policies, there’s no reason to expect any increase. Y-o-Y Wage growth was 3%, less than inflation, while the unemployment rate rose to 4.2%, suggesting the labor market isn’t tight. The Fed holds later this month.