Solid payroll growth trend, lower unemployment, six-month wage trend picked up
Nonfarm payrolls rose 134,000 in September. While this gain was below forecasts, total payroll gains in the prior two months were upwardly revised by 87,000. The unemployment rate fell to 3.7% in September (a “low” 3.7% at 3.683% unrounded) from 3.9% in August. There is no evidence in this report that the labor market is slowing, in our opinion. The report instead shows a pattern of continued solid employment growth, tightening resource slack, and upward pressure on underlying wage trends.
RDQ Economics provides global macroeconomic consulting services with an emphasis on U.S. economic fundamentals and monetary policy.
Our views are driven by consistent application of classical economic and monetary principles and has generated superior anticipation of changes in the stance of monetary policy and of movements in economic growth and inflation.
The founders of RDQ Economics, John Ryding and Conrad DeQuadros, have a combined experience of 26 years on Wall Street, 12 years of experience in central banking at the Federal Reserve and the Bank of England and nine years in the independent research space. John and Conrad have worked closely with fixed income, foreign exchange, and equity traders and portfolio managers, which has enabled their analysis and advice to be tailored to a clientele that is focused on trading and investment decisions.
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