Odaily, citing Jin10, reported comments from Peter Cardillo, chief market economist at Spartan Capital Securities, after the latest U.S. jobs data. Cardillo said nonfarm payroll growth came in below expectations, but still pointed to an expanding labor market. He also said wage data did not show inflation pressure, which he described as a positive signal.
Cardillo added that the rise in the unemployment rate may reflect higher labor-force participation. In his view, the report was favorable for markets because it could help ease the recent rise in yields and suggested the Federal Reserve does not need to worry about wage inflation at this stage. Combined with the lower-than-expected Personal Consumption Expenditures, or PCE, price index released a few days earlier, he said the Fed will most likely leave policy unchanged at its October meeting.
Odaily, citing Jin10, reported that Peter Cardillo, chief market economist at Spartan Capital Securities, said U.S. nonfarm payroll growth was weaker than expected but still showed that the labor market remains in expansion.
Cardillo said wages did not show inflation pressure, calling that a positive factor. He added that the increase in the unemployment rate may be due to a rise in labor-force participation. He said the report was constructive for markets, could help ease the upward move in yields, and indicated that the Federal Reserve does not need to worry about wage inflation.
Taking that together with the lower-than-expected PCE price index released a few days ago, Cardillo said the Fed is very likely to remain on hold at its October meeting.
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