This Portfolio Manager Is Watching the Fed After the September Jobs
The September Jobs Report was released on Friday, Oct. 8.
The Bureau for Labor Statistics said 194,000 new jobs were created last month, with the headline unemployment rate falling to a post-pandemic low of 4.8%. The September tally was firmly south of the Street consensus forecast of 500,000 and the weakest monthly total for the year.
TheStreet’s Martin Baccardax noted, “Fed Chairman Jerome Powell told reporters last month that it wouldn’t take a knockout or super-strong employment report,” to begin slowing the pace of purchases, which analysts suggest could last for around 8 months before the entire program is exhausted. From there, the first-rate hike is likely to come in September of 2022.”
And then there’s oil..
“WTI futures for November delivery were marked $1.371 higher on the session at $80.01 per barrel, the highest since November 2014, while Brent contracts for December, the global benchmark, were last seen $1.21 higher at $83.15 per barrel,” Baccardax wrote.
Chris Versace and Bob Lang, Action Alerts PLUS portfolio managers, discuss the jobs report in the video above.
Head to Friday’s Daily Rundown to hear what Versace and Lang are only telling members of the Action Alerts PLUS investing club.
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