Reply To: US Payrolls Add Solid 315k in August as Jobless Rate Rose to 3.7%.

#44954
Truman
Participant

Bank of America estimated about 300K jobs were added in the U.S. economy during September to mark of a slight slowdown from the 315K in August.

The firm said indicators of labor market activity that feed into its projections for payrolls remained red-hot since the August report. “Both initial and continuing jobless claims fell, and the Conference Board’s labor market differential rose by 2pts to 38%, meaning that consumers view jobs as very plentiful,” noted BofA’s economic team. The takeaway is that momentum in the labor market is proving to be difficult to slowdown. Of note, BofA forecast average hourly earnings to rise by 0.3% month-over-month or 5.0% year-over-year to leave wage inflation far too high for the Fed’s comfort level.