Fed Chair Kevin Warsh mentioned at his last press conference that he believed the unemployment rate was running “basically consistent with full employment.” What does that mean? This week is chock-full of labor market data: The Job Openings and Labor Turnover Survey came out on Tuesday, followed by ADP private sector data on Wednesday, jobless claims on Thursday, and the jobs report on Friday. The big number many are waiting on this week is the September unemployment rate, which will come out in that Friday jobs report. Last month’s rate was 4.
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