Analyst: September Nonfarm Payrolls Support Fed's Rate Hike Pause

According to Odaily, Brian Jacobsen, Chief Economic Strategist at Annex Wealth Management, stated that the U.S. labor market is not as strong as initially believed. July data was revised downward to negative growth, and although August saw a decent rebound, that momentum came to an abrupt halt in September, with only 29,000 jobs added. The employment diffusion index fell back below 50. Fed Chair Warsh had previously been concerned about the breadth of inflation, but now he will have to consider the lack of breadth in the labor market. This data supports a rate hike pause in October. (Jinshi)