August private payrolls came in softer than expected—38k vs the 47k forecast. Another small miss in a string of labor data that keeps trending cooler.
Nothing dramatic, but the momentum is clear. Employers are pulling back. Hiring isn't collapsing, but it's not accelerating either. This is what deceleration looks like in real time.
The labor market was the last pillar of strength. Now even that's showing cracks. Fed's watching this closely.
Nothing dramatic, but the momentum is clear. Employers are pulling back. Hiring isn't collapsing, but it's not accelerating either. This is what deceleration looks like in real time.
The labor market was the last pillar of strength. Now even that's showing cracks. Fed's watching this closely.
