Strong Jobs Report Means The Fed Can’t Back Down On Rate Hikes — Don’s Daily Brief

by | Dec 2, 2022

The unemployment report came out this morning.

A lot of job creation means there are a lot more job openings than there are people to fill them.

Now, you have to read between the lines a bit:

A big reason the unemployment rate is low is the “labor force participation rate” which is very low. That means a lot of people have taken themselves out of the job market.

This low participation rate is a big reason why unemployment has been reporting sub 4% levels, which is basically unprecedented.

But that same strong labor market means that the Fed needs to continue to be aggressive, which is surely going to dash bulls’ hopes of a Fed pivot.

Yesterday we went short the broad market, and that play is working out for us.

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