RSM US chief economist Joseph Brusuelas said the US labor market remains
characterized by low hiring and low layoffs and is still best described as at
full employment. A small rise in unemployment largely reflects statistically
insignificant noise, and weak hiring plus volatility in the domestic labor‑force
series should support Fed officials who favor leaving the federal funds rate
unchanged at the October meeting. September data show wage gains pose little to
no risk of second‑round inflation; the Fed is not currently worried about
employment as a policy objective. His baseline remains no hike in October, a
25bp increase in December and a further 25bp in March 2027.
