You have the Baby Boomers having the resources to buy condominiums, betting on the increase in value in the next six months, ... That activity may be the first to feel the crunch if the housing bubble bursts.
Job gains were clearly below expectations and trend. There may be some bounce back next month in specific sectors. Slower job gains may also reflect the impact of higher oil prices and uncertainty in the spring.
The Fed is going to look at this number and go full-steam ahead with 25-basis-point increases at its next two meetings to keep inflation in check, ... This is a pretty good payroll number for September. The market dodged a bullet with this report.
That means there is even more slack in the labor market than we had previously thought, giving the Fed even more reason to sit tight for the next several months.