‘Challenging To Interpret’ Jobs Report Posts Huge Miss

‘Challenging To Interpret’ Jobs Report Posts Huge Miss

The US economy added just 194,000 jobs in September, the government said Friday. It was the final nonfarm payrolls report the Fed will see prior to the November FOMC meeting, at which most market participants expect policymakers to unveil a schedule for trimming monthly bond-buying. September's headline print was another big disappointment (figure below). Consensus expected 500,000. Revisions added 131,000 to August's similarly disappointing read, but that likely won't be enough to offset t
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5 thoughts on “‘Challenging To Interpret’ Jobs Report Posts Huge Miss

  1. It’s ironic to me that the Fed is trying to accommodate in a bubble here and that acting alone is having little impact on the jobs reports. Continuing accommodation is never going to compensate for a pandemic that is killing people off and creating resistance to employment, especially in the services sector. If say government leaders were interested in protecting their electorate and actually promoting the safe and effective vaccines to their state populations, we might actually have a 90% vaccination rate. With a vaccination rate in that percentile, employment would rebound and the Fed could try to reduce the accommodation IV drip we seem to be perpetually addicted to. Instead, you have a whole party that has decided to politicize misinformation to attack their counterparts despite the science thoroughly proving them wrong at the expense of their voter population’s lives. This is the dumbest time in our history since we were burning women because they were too independent.

  2. I live in a county with a 95% vaccination rate for those currently eligible for the vaccine. In spite of that, there are Help Wanted signs everywhere and the branch of my bank had to close because they can not hire enough tellers. Affordable housing is a contributing factor, however, it was also a contributing factor pre-covid.
    One of the reasons for people not yet going back to work is that those who are sitting on the sidelines have their reoccurring basic living costs covered or moved out of the county. For those still living in the county, they had part time jobs to make some extra money for discretionary items/travel- which was ok only when the risk of getting covid was not present.
    Hiring expected to pick up in the next few months, based on casual conversations with local businesses.

  3. Hmm…. I can imagine a pool of job candidates for jobs that are open now, and for the flurry of jobs that will be created under Biden’s build back better plan next year. Historically, the United States has benefited by immigrants, hungry for work. To the extent that Americans consider themselves to be well-ensconced and without need to work, there’s a whole bunch of immigrants coming to our country on any given day who would like to have an American job. Sure, the cultures from which they originate may appear not to make them a good fit for many jobs. But like immigrants of the past in this country, the sheer will in some immigrants and their desire to succeed can, if they’re given a chance, overcome personal limitations and shortcomings. It kind of depends on the American desire to realize their value and actually give immigrant voices an ear.

  4. It is well to remember that the virus is distorting all kinds of economic metrics that are more typically reliable. The jobs picture is a very mixed bag at this point. It is clear that monetary policy is not the lever to make improvements in the overall economy right now. It is virus control and mitigation, fiscal policy both federal and state and local, business policies and practices, and individual initiatives that are much more important. The obsession with many market folks on the Fed is misplaced right now in my view.

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