Those new worries for the fed on the labor front. September nonfarm payrolls weaker, rising by 142,000 in august. Revised sharply lower to show 136,000 added. The rates stay steady at 5. 1. Average Hourly Earnings come in flat, but we were looking for something in the 0. 2 0. 3 range. Maybe the most biggest disappointment of the year so far. Coupled with the august revision lower. The 2015 average goes to 198,000 jobs created per month. Thats a sharp slowdown. Last year we were averaging 260,000 jobs. Its more than that. If you take the three month average, youre down 267. Which begs the question, whether we like it or not, where are we in the Business Cycle . Regardless of what fed is doing. The whole discussion as to whether rates this low and the fed Balance Sheet this big are able to stimulate the labor market like they think it does. Clearly there are diminishing returns here. The Market Reaction has not been good. Dow futures down 161 points. The treasury note yield slipped below
They need to get a life and go on. And did steve bannon pull a scaramucci 2. 0 and accidentally go on the record with a reporter . I like mr. Bannon. Hes a friend of mine. We have to begin this morning with the biggest names in Corporate America turning their backs on President Trump in the wake of charlottesville. These are men and women that control half a trillion dollars in the u. S. And saying they can no longer work with this president and theyre not the only ones. We have a great team to break it down this morning. First i want to walk you through this. By the time the president disbanded his Economic Advisory council, it was clear he didnt have a choice. Most of the members had already quit. It started with mercks ceo ken frazier, dropping out of the Manufacturing Council monday morning. Within minutes, the president slammed him on twitter, accusing merck of ripping off customers. But other ceos wouldnt be scared off so easily. Frazier was followed by under armour and intel and