According to the ADP Employment Report, private sector payrolls contracted for the second month in a row in September. September’s payroll numbers fell well short of economists’ estimates. If the government payroll numbers mirror the ADP report, you can guarantee another ill-advised round of quantitative easing will begin at the Fed’s next policy meeting.
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Jeremy Jones, CFA is the Director of Research at Young Research & Publishing Inc., and the Chief Investment Officer at Richard C. Young & Co., Ltd. Jeremy is a contributing editor of youngresearch.com.