There are 2 worries for the stock market in Friday's jobs report, former SAC Capital macro trader says

The Federal Reserve could be 'scared into raising rates' if the average workweek keeps increasing, pushing up wages, says Peter Corey, co-founder and chief...

Friday’s monthly jobs report for August points to a further cooling in the labor market, a welcome sign for markets and the Federal Reserve’s inflation fight.

While he’s focused on 187,000 new jobs in August coming in higher than expected, a more crucial factor for him might be the average workweek edging up to 34.4 hours, while employment for temporary workers fell. As of August, the 3-month rolling average was 3.6%. The rule would be triggered if the current unemployment rate holds for two more months, Corey said.

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