Friday, September 3, 2021


Goodbye Taper? Large Jobs Miss As US Provides Simply 235K Jobs In August

As we previewed earlier, whereas consensus for immediately’s closely-watched payroll print was 725,000, a drop from final month’s 943K, the…

By Staff , in Gold , at September 3, 2021


As we previewed earlier, whereas consensus for immediately’s closely-watched payroll print was 725,000, a drop from final month’s 943K, the whisper expectation was for a quantity decidedly decrease, with BMO underscoring this level noting that the August NFP print has a seasonal tendency to underwhelm estimates in August, doing so 75% of the time and beating 25% of the time by 18k and 47k, respectively, on common.

And positive sufficient, moments in the past the BLS reported that in August only a paltry 235K jobs have been added, far beneath the 725K anticipated, and an enormous drop to final month’s upward revised 1.053MM. Whereas we count on that the pundits will shortly blame the resurgence of covid in August, manifesting itself in zero jobs added in leisure and hospitality, the fact is that the US financial system is quickly slowing whilst inflation continues to soar, positioning the US squarely for a stagflationary crash and placing the Fed’s tapering plans squarely doubtful.

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