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JP Morgan on Solid Jobs Report

DATA REACT
The +943k jobs gain for July NFP further underscores JP Morgan's opinion that last week's FOMC's "statement language made November a live possibility for a tapering announcement."
  • While keeping November "in play," JPM said "September is probably too soon to be consistent with their providing "advance notice," but even without a taper announcement, the September dots for '22 should keep the Fed interesting next month."
  • JPM adds "both the workweek and earnings data remain consistent with effective constraints on labor supply, perhaps related to expanded unemployment benefits. About half the states terminated those benefits between the June and July survey weeks, but so far there is no visible imprint on the data (state-level July jobs data will be released in three weeks)."
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