How can new hiring and the unemployment rate rise at the same time? In this episode of Basis Points, Kevin Flanagan explains the mechanics behind September’s seemingly contradictory jobs report, where strong payroll gains coincided with a higher jobless rate. He breaks down the two BLS surveys that drive these numbers, why they can diverge month to month, and what this dynamic means for the Fed as policymakers head into the December FOMC meeting with limited additional data.

Basis point: 1/100th of 1 percent.

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