On the September Jobs Report

Donald L. Luskin
Friday, October 4, 2019
The dove-friendliest report ever – and with only scant confirmation of recession.
Strategic view: 

Not so bad a miss, thanks to upward revisions to prior months of 45,000. The unemployment rate fell to a multi-generational low, with no evidence of the so-called “wage inflation” that scares the hawks on the Fed – average hourly earnings contracted. A very dove-friendly report, yet offering only weak confirmation for recession fears.