The BLS released their non-farm payroll report and it shows a whopping increase of 336,000 jobs and 3.8% unemployment and this was on the heels of a JOLTS report that shot up from last month as well as an ADP jobs report that showed 89,000.
From the BLS:
Total nonfarm payroll employment rose by 336,000 in September, and the unemployment rate was unchanged at 3.8 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in leisure and hospitality; government; health care; professional, scientific, and technical services; and social assistance.
Source: BLS.gov
All of this after the Fed has raised interest rates 525 percent? Wow. The immediate effect of the jobs report was to send the 10 Year Treasury soaring up and gives us an opportunity to pick up a little bit more TLT as it drops. We are amazed at the economy’s resiliency so we wonder what will come next: more rate hikes or more inflation?
To find out, stay tuned, stay profitable and stay solvent…
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