Dancing in the Dark
Gavin Friend talks through the response to the shutdown, the latest ISM and the ADP jobs report.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Thursday 2nd October 2025
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Markets will have to feel their way through the next few weeks, because the US shutdown means there’s an absence of key government data. No weekly jobless claims today, and no non-farms payrolls tomorrow. Betting suggests it will last longer than two weeks. NAB’s Gavin Friend joins Phil to talk through the market reaction and the implications. They also examine the surprise fall in the ADP jobs report, the ISM manufacturing survey, Japan’s Tankan survey and European inflation numbers. Today Australia’s trade numbers and household spending data will be of most interest.
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