US Non-Farm Payrolls September Data Update
It was all about the US Labor market this week as the JOLTS job openings data set a positive tone for the week as markets started to rebound. The drop of 1.1 million job openings could be an early signal that the US labour gap is beginning to close, a sign the Fed has been waiting for.
However, the US Non-Farm Payrolls (NFP) data spoiled the market momentum and any hopes of a Fed pivot along with it, or did it? The jobs data was widely expected to come in at 250K but came in at 263K with the average hourly earnings at 5.0% (Y/Y) and the unemployment rate at 3.5%.
Today’s jobs report could support the 75-basis point rate hike from the Fed at the next meeting, with all eyes focused on the US CPI data next week.
#TriveSA #NeverStandingStill #NFP #Investments
