EFTA Document EFTA01458541

2 October 2015 US Equity Insights Any single jobs report is doubtful, but we heed this one and cut our S&P target A pivotal September jobs report. We expected a further decline in mfg jobs, but we're very surprised by the sizable downshift in private jobs growth. We're skeptical of this report, but investors and especially the Fed will heed this data point. Eyes will turn to the non-mfg ISM on Monday for confirmation, but we now think the Fed is unlikely to hike in 2015. This reduces ups