When the Federal Reserve didn’t raise interest rates on Thursday, investors should have thought of two people. First, they should have felt terrible for the maintenance man who—on one-by-one—has to yank down all of the green celebratory balloons from the CNBC studio rafters that were supposed to symbolically drop when the central bank would raise interest rates.
Heading into the long Labor Day weekend, investors were dealt a curious report from the Bureau of Labor. The headline gain of 173,000 new jobs was most certainly below par. The estimate from Bloomberg before the release called for a gain of 217,000 jobs.