The September jobs report just landed, and the headline is bad enough: only 29,000 jobs were added.
But look underneath the headline.
July was revised all the way down to NEGATIVE 10,000 jobs, and August was revised lower too.
That means another 60,000 jobs disappeared from previous reports.
Unemployment also moved up to 4.2%, while wage growth slowed.
And this comes right after the Federal Reserve raised interest rates because inflation remains too high.
That’s the problem: stubborn inflation and a weakening labor market are a nasty combination.
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Russell McDonald | NMLS 290837 | Broker CA DRE 01150730
Wymac Capital Inc | NMLS 18766 | Broker CA DRE 01121628
Real Estate Broker – CA Dept of Real Estate