Misleading jobs numbers and more signs inflation is hard to beat
US yields pushed higher after a surprise increase in PPI overnight. Yesterday’s employment numbers in Australia might be seen by some as a reason for the RBA to be less hawkish, but NAB’s Ken Crompton says the headline number might be a little misleading.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Friday 17th February 2023
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US Treasury yields pushed higher overnight as producer prices came in with a surprise month on month rise, whilst weekly jobs data shows only slight moves in the easing of the labour market. NAB’s Ken Crompton says there’s nothing to distract from the hawkish path being taken by the Fed, that was reinforced by Loretta Mester overnight, who expects rates to exceed 5 percent and stay there for some time. Meanwhile, in Australia yesterday’s employment numbers might be a headache for Philip Lowe when he faces questions in front of House of Reps economics committee. He is bound to be asked why, given such a fall in jobs, the RBA wouldn’t ease of on its rate path. But, as we discuss today, yesterday’s numbers might be a little misleading.
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