US jobs cool and services soften
A surprise fall Iin new jobs and a drop in the services ISM, into contraction territory. NAB’s Ken Crompton talks about the market reaction. And a preview of the RBA tomorrow.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Monday 6th May 2024
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The non-farm payrolls in the US came in lower than expected, with a rise in the unemployment rate. NAAB’s Ken Crompton says we shouldn’t get too excited by the unemployment rate because it’s a small move when you take it to the second decimal place. The Services ISM was also weaker, falling into contraction territory. The impact has been to bring forward rate cut expectations a little, with a 75% chance the Fed will move in September. In Australia home loans data wasn’t particularly encouraging reading. The focus is now on the RBA tomorrow, then state budges later in the week. Will spending add to pressure on jobs, slowing the fall in inflation?
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