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Quicktake: Wrightson on NFP, Covid Drag At the Margin

DATA REACT
Wrightson economists on the greater than expected deceleration in August job gains posit that covid variant contributed to the lower jobs gain -- it was a marginal factor.
  • the slowdown more likely due to the "resumption of in-person school attendance along with the expiration of emergency unemployment benefits will boost labor supply in the months ahead, resulting in larger payroll gains in future months."
  • Wrightson expects the "FOMC to provide much more color on its tapering plans this month, but the outlook will probably still be conditional on further progress."
  • Additionally, "it is very likely that the September employment data on October 8 will reach the 50% reversal test."
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