by @fema.monster
Jobs Report
Mike Zaccardi, CFA, CMT California has the highest taxes, housing costs, regulations, unemployment, and homelessness... and energy costs 50% above the US median. It also had the 3rd-highest GDP growth at 3.6% last year. AI fixes a lot. Cembalest JPMAM
Mike Zaccardi, CFA, CMT BofA: Lower-income households’ spending outpaced all but the top 5% …though discretionary spending for the top 5% has eased some since June Lower-income wage growth remains strongest, despite a narrowing gap
Mike Zaccardi, CFA, CMT The Atlanta Fed’s Wage Growth Tracker slowed... 3.9% Wage Growth Tracker (3-month overall unweighted, September 2026)
Mike Zaccardi, CFA, CMT Employment recession in Info Tech/Finance.. while some relatively lower-paid industries have seen a rise in hours worked BofA
Mike Zaccardi, CFA, CMT BofA: O"K" ... Lower-income wage growth leads the pack despite a narrowing gap. In September, after-tax wage growth eased to 4.5% YoY for lower-income households, while rising to 3.8% for middle-income and 3.7% for higher-income households.
Dare Obasanjo Outside the pandemic, U.S. information-sector employment is now at its lowest level in more than a decade. BLS data shows 2.739M jobs in September, down ~12% from the 2022 peak. The entire post-pandemic hiring boom has now been erased. I expected AI to cause Big Tech to shrink but not all tech. 😞
Guy Berger ADP's 4 week job gain kept accelerating past the payroll survey week... Not the only indicator broadcasting ongoing strength. Don't put too much weight on last week's disappointing BLS data. (I say this as a big BLS fan.)
Guy Berger This week we will get our first high frequency data from October, and I'm looking to see if they match the strength we saw in September (disappointing jobs report notwithstanding). So far we have one data point and it looks very good: the Morning Consult unemployment rate index