2023-11-03 18:43:06
10:43 a.m. ET, November 3, 2023
How Wall Street’s reacting to the October jobs report
The Wall Street subway station near the New York Stock Exchange on October 20.
Michael Nagle/Bloomberg/Getty Images
Here’s what Wall Street has to say regarding the latest jobs report:
“The data is a nod to the Fed as it shows monetary policy is working and should bring less debate on whether policy is sufficiently restrictive,” said Charlie Ripley, senior investment strategist at Allianz Investment Management.
“The overall take from the report is the labor market is beginning to cool in a way which should allow inflation to continue to moderate and the Fed to stop raising interest rates,” said Steve Wyett, chief investment strategist at BOK Financial.
“We believe the recession is delayed for now as fiscal policy continues to do the heavy lifting,” said Alexandra Wilson-Elizondo, deputy CIO of multi-asset solutions at Goldman Sachs Asset Management.
“Despite the cooler jobs report and emerging cracks in the labor market, the unemployment rate is still near 50-year lows, and we would expect that the Fed will remain vigilant in its inflation-fighting strategy,” said Stephen Rich, CEO at Mutual of America Capital Management
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