US jobs shock. The focus is now on inflation.
The US unemployment rate ticked up a little. Will it pass through to consumer demand?
NAB Morning Call · NAB - The Morning Call
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Show Notes
Monday 8th September 2025
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The building evidence in jobs-related data pointed to a disappointing non-farm payrolls number for the US, and on Friday we got it, with a small increase in jobs and a rise in the unemployment rate to 4.3%. NAB’s Skye Masters says it pushed bond yields lower, but highlights that although unemployment is rising, the rate is edging up very slowly. Still, if we see inflation rising this week against a falling jobs market that’ll sound warning bells. Canada’s unemployment numbers on Friday were worse than the US, with job numbers falling. There’s plenty of politics at play, with Japan and France both looking for new Prime Ministers this week.
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