Friday October 8th the Labor Department reported, U.S. employers added a disappointing 194,000 jobs in September. That was down from 366,000 jobs in August and far below the million plus jobs added in July. But because the data was collected in mid-September, when the Delta variant was near its peak (and numbers have since dropped), the market shrugged off the report and turned its attention to next month’s report which will be issued on November 5th.
The Fed was waiting for a strong jobs report to confidently announce the beginning of tapering fiscal stimulus and this report wasn’t it. However, the Fed’s hands may be tied. Inflation once deemed “transitory” is intensified by supply chain issues and may become baked into everyday prices. Bottom Line: We believe the Fed will confirm tapering at their next meeting on November 3rd, if not before.
Sources: Yahoo.com
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