Is This September Report the October Surprise? 

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Last week, Fed Chair Jay Powell said: “Overall, the economy is in solid shape; we intend to use our tools to keep it there.” Indeed, the overall economy looks solid. With inflation falling, the story is the labor market has caused anxiety. That narrative may be poised to change. 

September saw surprisingly strong job growth, an indication the U.S. labor market may have found its footing after months of substantial cooling. Payroll employment rose in September by 254,000, far higher than the 150,000 expected by forecasters.  

And, finally, there were some upward revisions to previous months

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