Macro Monday: Blow Out Jobs Report?

The Macro Institute's Weekly Economic Primer

Author

The Macro Institute
October 07, 2024

The September payrolls report provided much needed relief to investors increasingly concerned about labor markets. The numbers certainly looked good on the surface. That said, large revisions recently leave some doubt as to whether the numbers will hold up as the BLS continues its revision process. More importantly, perhaps, is that the employment picture looked weaker in survey data from the ISM and the NFIB. The chart here shows the "Jobs Hard To Fill" series from the NFIB, which hit its weakest level in years in September. This one is also a great leading indicator of wage/core inflation and argues that the downward trend in both series continues for the foreseeable future.

The Macro Week Ahead

The Macro Specialist Designation (M2 SD)

The Macro Week In Review

Macro Job Board

Responsible for applying quantitative and qualitative skills, experience, and informed judgment to enhance the performance of client hedge fund portfolios. Will work within the manager research group on all aspects of manager sourcing, due diligence, and analysis of third party relative value and macro hedge funds.

You will be partnered with senior analysts and traders to assist in identifying investment opportunities in the equity and options markets. You will learn to perform in-depth company analysis around future catalyst events and provide real-time opinions on breaking news throughout the trading day.

Help to develop and maintain an analytical process designed to help establish the central expectation for the trajectory of growth and inflation, implications for the monetary policy reaction function. Will also provide regular insight and analysis to the portfolio management teams on relevant economic data releases and policy meetings.

What We Read This Weekend

Have feedback? Simply reply to this email to tell us what you like and don’t like about Macro Mondays!