The September jobs report showed that the labor market was stronger than expected, which probably locks in another 75-basis point hike when Federal Reserve officials meet again next month.
Economists had expected the economy to add 250,000 jobs and the unemployment rate to hold steady at 3.7 percent.
The Department of Labor will issue its report on September payrolls, unemployment, and wages on Friday. It may be the most hotly anticipated jobs report in recent memory.
Both initial and continuing claims remain below historical averages, suggesting the labor market remains very tight.
“Do not taunt your neighbor with the blemish you yourself have,” the Talmud instructs us.
Services sector hiring rose sharply in September, adding to inflation worries.
A stinging rebuke to the Biden administration.
Yesterday we explained that good news is bad news. Financial markets on Tuesday confirmed the corollary: bad news is good news.
A signal that Fed hikes may be working to tame demand for labor.
Core capital goods order rose 1.4 percent, suggesting business confidence.
Every piece of good news about economic growth will be interpreted by the Federal Reserve as a sign that financial conditions are not tight enough to bring down inflation.
A U.N. Agency wants the Fed to change its policy path to benefit the developing world.
Single-family home construction spending dropped 2.9 percent.
Our call that the factors that brought inflation down in July had run out of steam looks pretty good in light of the most recent report on personal consumption expenditures.
The last time food prices were rising this fast, Jimmy Carter was president.
Consumer sentiment improved a lot in August but the progress has now stalled.
Remember when Biden said inflation was up just an “inch?” In reality, core PCE inflation in August matched the post-9/11 highs hit in April and June.
It’s now becoming much clearer just how unnecessary the Biden administration’s 2021 spending spree was and why it sparked the worst inflation in decades.
Jobless claims fall below 200,000 despite the Fed’s efforts to tighten financial conditions.
The latest estimates of inflation in the first two quarters of the year show prices rose more rapidly than previously believed.
This year’s Gross Domestic Income was revised down sharply, suggesting an even weaker economy than previous data indicated.
It was only five months ago that the U.S. trade deficit in goods hit a record high of $125 billion. Now we’re all the way down to $87.4 billion.
The stronger dollar hurt exports but imports fell by even more.
While a lot of the commentary on inflation has centered around the idea that we may have passed peak inflation, the more relevant question is whether we have already had peak disinflation.
People rushed to find a new home before the interest rate deluge washed affordability away.
Remember that signs of economic strength now likely mean more Fed hikes and a deeper recession later.
Home prices are still up a lot compared with a year ago but the housing market is cooling and now seeing month-to-month declines.
The Dallas Fed survey showed that payrolls are still growing in Texas, despite the decrease in demand. This does not look like an economy that is reeling from Fed hikes, much less one that is about to see inflation fall.
“We are living in Alice in Wonderland … it just gets worser and worse,” a machinery manufacturer told the Dallas Fed.
“We need to have a slowdown. There’s no question about that. But I do think that we’re going to do all we can at the Federal Reserve to avoid deep, deep pain,” Bostic said.
They are still pursuing stealth regulation of the global economy through financial institutions.
No deviation from the leftist climate orthodoxy will be tolerated.
A big sell-off as a downturn next year appears now looks likely to be worse than expected.
A rapid rise in unemployment expected next year as the Fed raises rates to fight inflation.
Fed officials have a very wide range of projections for Fed policy two years from now.
Finally, a financial executive pushes back against the left’s demands to blackball fossil fuel producers.
Jerome Powell took up arms against a sea of troubles on Wednesday.
Powell looks at trailing inflation figures and finds there’s been little progress, contradicting President Biden’s claims that a lot of progress has been made on inflation.
Fed officials now see a much higher unemployment rate and much lower path for GDP growth.
Investors had expected a 75 basis point raise, although markets indicated an outside chance of an even larger hike.
