Assessing the September jobs report, analysts at TD Securities noted that Nonfarm Payrolls surprised expectations notably to the upside in September,
Assessing the September jobs report, analysts at TD Securities noted thatNonfarm Payrolls surprised expectations notably to the upside in September, with the economy adding a whopping 336k net jobs. We still expect the Fed to stay on hold "With that said, the large swings in revisions make the report increasingly unreliable as a policy signal in the short term. On the other hand, the unemployment rate stayed unchanged at 3.
Average hourly earnings surprised expectations to the downside for a second consecutive month, with the momentum in wage growth still pointing lower." "We still think that the Fed would prefer to gather additional data before making a decision to hike rates again, particularly after the sharp trek higher in yields. With that said, we still expect the Fed to stay on hold unless the totality of the data undeniably supports the strength seen in today's jobs report.
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