(Finance) – TheUS employment report of September ha surprised sharply on the upsidewith a reacceleration of both employment and wages, and a drop in the unemployment rate also due to a lack of dynamism in the workforce. Economists write it Intesa Sanpaolo following today’s release of data from the Bureau of Labor Statistics.
The signs of stability in labor demand in a context of lackluster supply, alongside the JOLTS data which had highlighted an increase in vacant positions in August, could signal a return of (moderate) tensions on the labor marketwe read in a note signed by Mario Di Marcantonio and Paolo Mameli.
“In our opinion – explain the experts – the data is not enough to prevent further rate cuts by the Fed in the two remaining meetings of 2024, however, it provides important arguments in favor of smaller interventions compared to the decision taken last month: we confirm our idea of two 25bp cuts on both 7 November and 18 December, barring any new large surprises from upcoming data on inflation and the labor market”.