The View from 5th Avenue – 1 September 2023
Posted onThis week was full of economic data and today was no different. Employment data released this morning seems to confirm a pullback in the labor market after speculation began earlier this week with soft JOLTS and Jobless claims data. The unemployed rate rose to 3.8% (est. 3.5%), the highest since February ’22. While nonfarm payrolls reported a gain of +187k, outpacing estimates of +170k. There is concern around revisions for June and July. July had originally reported a gain +187k but was revise…