Wells Fargo Weekly Economic & Financial Commentary – September 4, 2015

Horseshoes, Hand Grenades and FOMC Mandates

• The headline print of 173,000 new jobs in August was below consensus expectations for 217,000. Although after accounting for revisions which added 44,000 jobs to the prior two months, the latest job market read was more in-line with expectations.  ·

• The unemployment rate dipped to just 5.1 percent, which is half a percentage point lower than where it was the last time the Fed started raising rates in June 2004. ·

• In terms of full employment and low and stable inflation, current conditions are close enough for a September rate hike from the Federal Reserve.