Jobs Weaker Than Expected in September, Up 29,000 With Negative Revisions
Nonfarm payrolls rose by 29,000 and unemployment ticked u to 4.2 percent.
Source: Mish Talk
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DW NOTE
The payroll print is weaker than it looks. 29,000 jobs and negative revisions mean the labour market is decelerating into a Fed that just hiked rates in September — the first increase of the cycle — while the Strait of Hormuz has been shut for 218 days and oil still trades above $91. Tightening into a supply shock with a softening labour market is how you get stagflation, not a soft landing.