The August employment report showed a fading labor market.
The economy created 187k jobs last month, a bit more than expectations of 170k. But the prior two months were revised down to a heavy -110k. The y/y job growth rate extended its decline from the peak of 5.2% in February of 2022 to 2.0% currently.
The report was perceived by the financial markets as weak, increasing the odds that the Fed will not hike again in September or November.
To read Dan's full report, click on the link below and download the PDF
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