Uptober Off to a Good Start
Oct 7, 2022
• 9
Min Read
Macro Update
The narrative in macro-land skewed negative this week until a strong jobs report on Friday morning.
JOLTs data showed a big surprise to the downside, as job openings declined 10% in August. A job opening total of 10 million was materially lower than the 11 million consensus estimate and was the most significant 1-month decline since the start of COVID. Fewer job openings suggested a softening labor market.ISM Manufacturing PMI fell abruptly to 50.9 in September, significantly below market expectations (52.2), and signaled that the economic expansion witnessed in the precedi...