CIBC Research discusses its reaction to today's US jobs report for the month of September.
"Hiring remained brisk in the US in September, showing that the Fed has more work to do to meet its goal of taming an overheated economy. The 263K jobs created were slightly above the consensus of 255K, and that was bolstered by an 11K upward revision to the prior two-month job tally. The health care and leisure and hospitality sectors posted the largest increases in jobs, with other industries mostly seeing modest gains," CIBC notes.
"The household survey recorded a 204K increase in jobs, and combined with a retrenchment in the labor force participation rate, that left the unemployment rate two ticks lower at 3.5% (vs. 3.7% expected). Wage growth continued at 0.3% m/m pace, leaving wages up by 5.0% over the past year, which remains too high to be consistent with 2% inflation," CIBC adds.