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;

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.