Charlie Ripley at Allianz Investment Management said in a note that August payrolls rose 162,000, a result that—despite monthly volatility—reinforces a pattern of weak jobs growth and low labor mobility. Wage growth slowed to a 3.09% YoY low; adjusted for inflation, real wages have turned negative. Ripley said consumers are feeling the squeeze and further Fed hikes risk over-tightening. He added the August report materially changed market odds for a September rate hike, but the outcome remains u

Charlie Ripley at Allianz Investment Management said in a note that August payrolls rose 162,000, a result that—despite monthly volatility—reinforces a pattern of weak jobs growth and low labor mobility. Wage growth slowed to a 3.09% YoY low; adjusted for inflation, real wages have turned negative. Ripley said consumers are feeling the squeeze and further Fed hikes risk over-tightening. He added the August report materially changed market odds for a September rate hike, but the outcome remains uncertain.