US Jobs - 2023-08-31

The Fed's going to love this. The unemployment rate rises as 736,000 people enter the workforce, enlarging the output gap and driving average hourly earnings growth down to the lowest rate in 19 months. And JOLTS jobs openings are suddenly back below trend. There's been no reason (by our reasoning) for the last few rate hike, and now there's good reason (by the Fed's reasoning) for  further ones.