US jobs relief, inflation data this week
US payrolls data on Friday didn’t mirror the big upside surprise in the ADP release, but with unemployment falling NAB’s Skye Masters says the latest numbers don’t change the rate expectations from the Fed.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Monday 10th July 2023
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Markets will have breathed a collective sigh of relief on Friday when the US non-farm payrolls read came in below consensus, after the worrying upside surprise in the earlier ADP employment numbers. NAB’s Skye Masters says it doesn’t change the path for the Fed, though, particularly as the unemployment rate fell in Friday’s numbers. Elsewhere, Janet Yellen continued to sound hawkish, saying the need was to focus on company profits alongside rising wages. US CPI is the key data release this week.
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