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Afternoon Note

Surprising Payroll Figures

By Karina Hernandez, Senior Research Analyst
10/6/2023 1:37 PM

Inidices are higher this afternoon after this morning’s jobs data. Amid the blowout report, average hourly earnings increased by 0.2%m/m, its lowest monthly increase since February 2022.

The index of aggregate weekly payrolls for private-sector workers also ticked down last month. The index combines hiring, wages, and hours.


These are an encouraging sign that supports a call for soft landing.

Consumer Staple names are under pressure today, as investors weigh the impact of the blockbuster weight-loss pill Wegovy, manufactured by Nova Nordisk (NOV), and how it could affect the spending on food. As mentioned, we do not buy the hype.  However, there is less demand for food as households scrimp and save to get through food insecurity.

Church & Dwight Co (CHD) and Mondelez International Inc. (MDLZ) are both down -4%.

A graph of a companyDescription automatically generated with medium confidence

This morning’s report is unlikely to resolve the Fed’s debate over whether to raise rates or not. The Street will pay close attention to the September Consumer Inflation report, which will be released next Thursday.

This soft landing is Harper than the morning landing in 1969

Don Lauro on 10/6/2023 2:23:10 PM

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