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The Smoke Clears After Jackson Hole, Jobs Report Encouraging

Hot labor market cooled moderately as employers slowed the pace of hiring, more people sought to rejoin the labor force, and pace of wage growth moderated. Deceleration came as a relief in contrast to the red-hot data characterizing much of the past two years. While the August jobs data reported this morning delivered some positive news, hawkish remarks from Fed insiders (Mester, Powell, Yellen) implied 75 bps is very much on the table for September’s FOMC. August CPI is scheduled to be releas

Hot labor market cooled moderately as employers slowed the pace of hiring, more people sought to rejoin the labor force, and pace of wage growth moderated. Deceleration came as a relief in contrast to the red-hot data characterizing much of the past two years. While the August jobs data reported this morning delivered some positive news, hawkish remarks from Fed insiders (Mester, Powell, Yellen) implied 75 bps is very much on the table for September’s FOMC. August CPI is scheduled to be released on the 13th. This is the other key economic datapoint Powell will be looking at to inform his actions and words at September’s FOMC meeting.

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