Jobs Frenzy
Bond yields have shot up in the US, Europe and Australia after a big upside surprise in the US ADP employment data.NAB’s Gavin Friend says it adds to the drive north in yields on the back of broad data resilience in the US.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Friday 7th July 2023
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Clearly markets are very concerned about jobs data being too-strong after a big rise in the latest ADP numbers and in the employment component of the latest services ISM survey. The JOLTs numbers also showed an increase in job openings. All running contrary to the expectations of the Fed. NAB’s Gavin Friend says it adds to the overarching theme of resilience in the US economy – a word frequently mentioned in the last Fed minutes. The result has been a sharp rise in bond yields today, drops in equities and a significant fall in the Aussie dollar on the back of the rising risk sentiment.
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