Jobs and prices – bad news for the Fed
Jobless claims down, consumption revised lower, prices higher. Kern Crompton explains how US data provided no respite for the Fed.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Friday 24th February 2023
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US GDP has been revised down slightly for Q4. NAB’s Ken Crompton says its been driven by lower than expected consumption numbers. The Fed will also be concerned by the quarterly GDP deflator, which has shown prices rising more than anticipated. Eyes will be on the January numbers for prices and consumption out tonight. To add to the US woes, jobless claims fell last week adding to a string of data suggesting the tightness in the labour market is taking a long time to ease. We’re a week away from non-farm payrolls. Remember the impact last time?
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