The non-farm payroll report that was released today showed a lower-than-expected number of new jobs created, only 57 thousand. Analysts polled by Bloomberg had expected 113 thousand jobs. Also worrying for economists were the revisions to the last two months’ job growth numbers, both downward.
With Federal Reserve Chairman Kevin Warsh talking tough on inflation, the market consensus was that he’d be hawkish on rates. But if employment strength softens, Warsh may have to pivot to the other piece of his two-part mandate, employment.
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