Everyone's looking at the 29K miss today, but the revisions are worse. July went from +21K to -10K. August lost another 29K.
So the last three months average about 50K a month. That's basically flat.
And the Fed hiked last month with the 30 year sitting above 5.5%. I don't see how they hike again in October on numbers like this, but inflation hasn't exactly cooperated either.
What am I missing?
edit: as someone pointed out, break-even job growth is near zero now (Dallas Fed), so \~50K a month isn't really flat