The wealth of data released last week tended to support the view that economic recovery is continuing, but at a slower pace than it was the case three months ago.  The most visible data included the labor market data from September.  Nonfarm payrolls increased by the smallest amount since May when the recovery began.  The 661,000 growth was the first month in the last five with a less than 1 million increase in jobs.  The unemployment rate did drop but that was due to a large decline in the size of the workforce.  The workforce was reported as having declined by 695,000 while the number of people reporting as working only increased by 275,000.

 

PROBANK AUSTIN ADVISOR - OCTOBER 5, 2020