Jobs Report Is More About Inflation, BlackRock's Rosenberg Says

• The August jobs report was strong, but its main implication is for inflation and the Federal Reserve's upcoming monetary policy decisions.
• US August Average Hourly Earnings rose 0.3% month-over-month, meeting expectations.
• Rosenberg argues that wage inflation from the labor market is not the primary driver of current inflation, attributing it more to the pass-through from energy shocks into core inflation and post-COVID dislocations.

BlackRock's Jeffrey Rosenberg analyzes the August US jobs report, stating it's primarily about inflation and the Federal Reserve's monetary policy. He suggests that while the report was strong, wage inflation isn't the main contributor to the overall inflation story, shifting focus to the Fed's September decision.