September 1, 2023

Away this week.”

Took a fast look at the employment report.  Jobs OK, but lost a few jobs from Yellow Trucking.  Plus, the workweek rose 0.1 hour which is the equivalent of lots more jobs.

But the modest rise in average hourly earnings is clearly helpful to the Fed.

Rise in unemployment rate is 3.8% is in the right direction.  But full employment is still 4.0%.

ISM report also improved, but still less than 50.0.

On balance, crosscurrents here but should be good enough to keep the Fed on hold in September.

Stephen Slifer


Charleston, S.C.