Mission Chronicle Newsletter Sept 15, 2025

After last week’s marginal employment data, the market is entirely pricing in a rate cut from the Fed at
its next meeting. Despite the President’s recent firing of the head of the Bureau of Labor Statistics
(BLS), the outlook for the labor market continued to dim. Last month, only 22,000 new jobs were
created, below the expectations of 75,000. And while July saw 6,000 jobs added to its tally, June was
adjusted to a loss of 13,000 positions, the first monthly loss since December 2020. The number of job
openings also dipped near pandemic levels, while both weekly and continuing jobless claims notched
slightly higher. While the ISM indexes managed to increase, mortgage rates slipped downward.