The Fed is Going to Ignore Another Weak Jobs Report

The analysis below covers the Employment picture released on the first Friday of every month. While most of the attention goes to the Headline Report, it can be helpful to look at the details, revisions, and other reports to get a better gauge of what is really going on.

Current Trends

The jobs report showed a meager gain of 29k jobs in the month of September. This follows the “strong” August report of 162k which has now been revised down to 133k jobs. The bigger surprise is the second strong month of the household survey which showed a gain of 406k which followed 569k added in August.

Figure: 1 Primary Report vs Household Survey – Monthly