If people perceive that all-time high as 'normal,' that's going to make it very difficult to convince them that jobs are plentiful.
More Quotes from John Silvia:
The Fed is going to look at this number and go full-steam ahead with 25-basis-point increases at its next two meetings to keep inflation in check, ... This is a pretty good payroll number for September. The market dodged a bullet with this report.John Silvia
That's going to be driven by the decision making of the new Fed chairman.
John Silvia
I've heard a lot of discussion the number could come out stronger. We have different models, and a couple of them have estimates where the number is higher.
John Silvia
I think it's just oil and optimism about the New Year. I think oil is the driving factor due to the warmer weather, but people are now looking for better than expected (fourth-quarter) earnings, better than expected retail sales number. There's a host of good numbers out there.
John Silvia
Growth looks solid. The problem is prices paid were up again, suggesting inflation pressures remain a concern.
John Silvia
I suspect that there's a little optimism that the Fed will signal that they are just about done, that they'll change their language from saying 'further policy firming may be' to saying it 'might be' needed.
John Silvia
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