Assessment: “If you pay people not to work you will get less people working” Steve Moore …

Well, coming into today’s payrolls report we said that the number would be a beat and the only question was how big, as a result of millions of Americans seeing their emergency benefits expiring.

“Go to the ant, you sluggard!
Consider her ways and be wise” Proverbs 6:6

Boy were we wrong: moments ago the BLS reported that with expectations of a 500K print and whisper numbers sharply higher, in September the US added just 194K jobs, the lowest print of 2021, and crushing the Fed’s entire tapering schedule as this number was so bad as to pass as a “major shock” from the Fed’s perspective.