The US stock market has taken a hit lately, presumably because various geopolitical and macro risks around the world are starting to resonate with formerly complacent investors who have been inclined to drive American equities higher in recent history no matter the headlines du jour. But to the extent that the worries are focused on the US economy, the worst fears still look overblown. Or so this week’s updates on the labor market suggest, including today’s encouraging numbers on initial jobless claims for the week through September 27.
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Private nonfarm payrolls in the US are projected to increase 208,000 (seasonally adjusted) in tomorrow’s September update from the Labor Department, according to The Capital Spectator’s median econometric point forecast. The prediction reflects a sharply higher gain vs. the previously reported increase of 134,000 for August.
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