The S&P 500 (SPX) is up slightly on Tuesday, brushing off disappointing jobs data from investment firm Carlyle. When federal data isn’t available, such as during the current government shutdown, Carlyle occasionally steps in to publish its own figures.
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Carlyle estimates that nonfarm payrolls rose by 17,000 during September, well below the expectation of 50,000.
“If you looked at the employment data, you’d think it’s an economy that’s on the cusp of or in a recession,” said Carlyle head of global research and investment management Jason Thomas. “That is nowhere else in the data.”
S&P 500 Hits 52-Week High as Carlyle Warns of Weak Labor Market
The weak jobs figure contrasts with other indicators of economic health, including strong consumer spending and corporate earnings. Still, a cooling labor market may prompt the Fed to maintain a cautious stance on future policy moves.
Meanwhile, the S&P 500 continues to march forward. The benchmark index has rocketed 35% since the April low and set a new intraday all-time high of 6,754.49 on Thursday.
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