The US Bureau of Labor Statistics revised July and August payroll gains down by 60,000 on October 2, flipping July’s initial estimate of 21,000 jobs added into a loss of 10,000. September’s employment report showed 29,000 payroll gains, well below statistical significance thresholds. Average hourly earnings rose 0.1% monthly and 3.0% annually, below expectations. This revision weakens the labor-based case for another Federal Reserve rate hike, while inflation remains elevated at 3.4% annual PCE, above the 2% target.
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