Lovely Labor

September payrolls rose by a surprising 336,000 and July and August were revised up 119,000. Moreover, job growth was widespread, the participation rate is rising, and wage growth slowed to 4.2% Y-o-Y and to an annualized rate of 3.4% over the last three months, a rate commensurate with near 2% inflation. Another rate hike is possible and higher for longer seems assured. However, it’s only one (usually revised) data point.