WEAKENING WORK
11/04/2024 |
October employment growth was 12,000, the worst gain since 12/20. However, the Boeing strike reduced employment by 46,000 and the hurricanes undoubtedly also hurt. The unemployment rate held steady at 4.1% but only because the labor force declined by 220,000. Moreover, August and September were revised (you guessed it) down by 112,000! Despite the extenuating circumstances, the generally lousy tenor of this report probably ensures a 25bps Wednesday Fed cut.