Tom Lee Flags Slowdown in U.S. Job Growth to 60,000 Monthly, Questions Further Fed Hikes

Fundstrat Head of Research Tom Lee argued that the U.S. labor market has cooled significantly, calling into question the need for additional Federal Reserve monetary tightening.
Lee pointed to labor data showing that monthly job creation has decelerated sharply:
- September payroll data reinforced a sustained cooling trend in domestic employment expansion.
- Average monthly payroll gains have slowed to approximately 60,000 in 2026, down sharply from previous levels near 200,000 per month.
- Given the diminished pace of hiring, Lee questioned whether macroeconomic conditions warrant three Fed rate increases this year.