U.S. Outlook: Don’t let the headline fool you; job engine is intact
Hurricane Florence muddied the waters of the September payroll report.
For more on this, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on Oct. 5.Key observations:
- The U.S. economy has added over 200K jobs per month over first three quarters of 2018.
- The last time the U.S. economy managed that feat was way back in 2105, when the unemployment rate was much higher than it is today (over 5%).
- The year-on-year wage growth rate failed to accelerate, slipping back to 2.8% from 2.9% in August.
- The report increases the odds the Fed will raise the fed funds rate two more times next year.