US September non-farm payrolls “too solid” for Fed “pivot”

07 October 2022

 

Summary: Non-farm payrolls up 263,000 in September, slightly more than expected; previous two months’ figures revised up by 11,000; jobless rate falls to 3.5%, participation rate slips to 62.3%; too solid to support a ‘pivot’ narrative; jobs-to-population ratio steady at 60.1%; underutilisation rate falls from 7.0% to 6.7%; annual hourly pay growth slows from 5.2% to 5.0%. The US economy ceased producing jobs in net terms as infection controls began...

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