FRIDAY 9/1/23

There is growing consensus among economists that we are not headed for a recession after all, but instead the U.S. is settling into a “soft landing” after the Federal Reserve’s aggressive interest rate hikes. Even The Wall Street Journal in a recent analysis of Chairman Jerome Powell’s comments at the Kansas City Federal Reserve’s annual Jackson Hole retreat last month suggests the Fed may be past the notion of future rate hikes. The current level is 5.25-5%.

For August, the economy added 187,000 jobs, with new employment cooling in recent months, but with job growth remaining strong enough to ease those lingering fears of a recession. The unemployment rate rose to 3.8% in August, still a “full employment” level. Job growth came from the usual suspects, health care, and leisure and hospitality, as well as social assistance and construction. Employment for transportation and warehousing slipped, according to the Bureau of Labor Statistics.

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9/1/23 QOTD -- "I'm done peddling lies for other people who don't care about me." -- Zachary Rehl, member of the Proud Boys, who was sentenced to 15 years in prison Thursday for his participation in the January 6 attack on the U.S. Capitol.

--Todd Lassa