CIO Tom Graff Quoted by Kiplinger on the September Jobs Report
Kiplinger gathered Wall Street insights following the September jobs report, including commentary from Facet’s Tom Graff.
Given today’s report, it is likely that 2026 will go down as one of the weakest years for job growth outside of recessions in history. The employment picture has been murky for the entirety of 2026. The Non-Farm Payroll survey has been all over the place this year, and the August payroll report showed strong overall job gains combined with upward revisions to prior months, leading analysts to believe the labor market could be gaining momentum. However, all that momentum seems to have disappeared with this September jobs report. This greatly complicates the Fed’s decision at their next meeting. Inflation is still way too high, and Kevin Warsh doesn’t have enough credibility on Wall Street to keep ignoring high inflation. I still think the Fed needs to hike at the October meeting. It’s the best way to regain credibility on inflation, which in turn will help keep longer-term rates from spiraling out of control.