USA, Intesa: labor market data consistent with FOMC stopped in December

USA University of Michigan consumer confidence down in August

(Finance) – The slowdown trend in employment non-agricultural employees in United States And resumed in October after the surprisingly strong data in September, with the change in non-farm payrolls which surprised on the downside, amounting to 150 thousand units. This was written by the analysts of the Studies and Research Department of Intesa Sanpaolo after the data was published by the Bureau of Labor Statistics.

It is pointed out that it is a lowest since last June, equal to approximately half of the 297 thousand new jobs in September. Furthermore, the review of data from the previous two months showed that more than 100,000 fewer jobs were created between August and September than previously estimated.

According to analysts, “the probability that the Fed will opt for unchanged rates also at the December meeting increases (and that the peak of the fed funds rate has been reached)”. However, as Powell underlined several times in the post-FOMC press conference, the decision will be made by evaluating all the data: the next two rounds will be crucial in this regard of monthly indicators on the CPI, as well as the November employment report (in which it will be necessary to evaluate whether the trend towards a slowdown in employment will continue despite the end of the strikes in the auto sector).

(Photo: Nik Shuliahin on Unsplash)

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