ZERVOS: This Was The Perfect Jobs Report For The Bulls
The reason? There's no pressure on the Fed to tighten sooner than necessary.
Here are the key details, as he sees them:
A well over 100k miss on payrolls when you factor in revisions
Durable goods and retail trade were each 30k lower for August vs July
No sign of meaningful wage growth
The U6 rate fell 0.2%, but U3 was unchanged
The lower U6 rate, and consequent reduction in "slack", was offset by a slack increasing lower participation rate.
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