CIBC Research discusses its reaction to today's US jobs report for the month of August.
"Hiring in the US slowed dramatically in August, as the recovery in service sectors impacted by Covid stalled. The 235K jobs created were well below the consensus expectation of 733K even when accounting for the +134K revision to the prior two months. Leisure and hospitality showed no change in the level of employment, while retail trade payrolls dropped off, and hiring in other sectors was modest," CIBC notes.
"This disappointing report will make it a closer call than we expected for a September tapering announcement from the Fed," CIBC adds.