Worried about revisions
Revisions to previous non-farm payrolls has markets worried about a downturn in the US economy. NAB’s Rodrigo Catril talks through the market response.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Monday 9th September 2024
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Whilst the US unemployment rate came in as expected on Friday, at 4.2 percent, it was downward revision to the previous two months numbers that seem to have caused the most consternation. With the Fed signalling their focus is on ensuring there isn’t a sudden downturn in employment, will these numbers raise the expectations that the cut next week will be a big one. Not yet says NAB’s Rodrigo Catril, even though there has been a notable change in language from the Fed. Friday also saw a rise in demand for housing loans in Australia – adding to the RBA’s argument that there’s no need to move quickly to cutting rates. The week ahead includes US CPI numbers and an interest rate decision from the ECB.
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