Independent Strategy

USUS September Payrolls & Earnings

Perfect jobs number for the optimists.  While the headline rate was a bit below expectations upward revisions took the edge off the weak August and to a lesser extent July numbers.  Meanwhile the unemployment rate fell further, from 3.7% to 3.5% while the U6 rate fell to 6.9% from 7.2%.  But look a little deeper and things don’t look quite too hot.

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