JPMorgan Chief U.S. Economist Michael Feroli continues to look for a 25 basis point interest rate cut in the funds rate target at next week’s Federal Reserve meeting. While “the picture is a little cloudier than usual” following today’s jobs report, the combined message from today’s number and the earlier JOLTS and ECI reports points to a labor market “that is moving into a well-balanced sweet spot,” the economist tells investors in a research note. While nonfarm employment increased only 12,000 in October, the smallest gain since late 2020, it is hard to say precisely how much of that downside surprise was due to strikes and storms, JPMorgan contends.
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