Lackluster Labor

Last Friday’s September employment numbers were weak. Net new jobs were just 142,000, well below expectations, prior months’ employment gains were revised down, wage growth was flat, overtime hours fell, and the labor force contracted by 350,000. But with energy and mining weak, exports falling due to a global slowdown, bloated inventories needing to be reduced and Q3 GDP expected at just 1.65%, it’s also unsurprising. Don’t worry, much.