Episode #416
September jobs report: "When the risks are two-sided, you're in good position"
Payrolls came in lower than expected in the September jobs report, but topline numbers may not tell the whole story. In this episode of Making Sense, Alexa Hanelin of the Rates team sits down with Michael Feroli, J.P. Morgan's chief U.S. economist, to give a read on the print, unearth what's behind the softness and find where the data may be more encouraging than expected. They also discuss how this report might affect the path of Fed rate cuts, digest recent commentary from FOMC officials and offer a view to what might affect the forecast for one more rate hike with inflation seeming to cool and midterms on the horizon. This episode was recorded on October 2, 2026. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. © 2026, JPMorganChase & Co. All rights reserved.
