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As I tweeted about the August jobs report: “So 151,000 new August jobs, under expectations. Unemployment, employment, participation, and U-6 rates all stay the same.” I could also have tossed in the meh numbers on wage growth (slowed a bit, though keep in mind inflation is quite low) and long-term unemployment (stable but high).
IMO, nothing to change the presidential race or give the Fed reason to hike. Regarding the latter point, just slow enough. Indeed, odds of a September rate hike by the Fed have fallen to 18% from 24% yesterday. Certainly not everyone agrees. Barclays: