Jobs a plenty

NAB Morning Call

Monday 7th October 2024

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The non-farm payrolls data on Friday in the US was a big upside surprise. It means there’s less need for any large cuts by the Fed who will be hoping they will have controlled inflation whilst steering the economy into a soft landing. That’s assuming the rise in jobs doesn’t mean a rise in salary expectations. NAB’s Taylor Nugent talks Phil through what it means and why such a strong market response on Friday. Does it have implications for other central banks? Whilst the data might have reduced expectations for faster cuts by the Fed, the BoE’s Huw Pill talked down the market response to Andrew Bailey’s comments in the Guardian. They are in no rush. Unlike the RBNZ, who is widely expected to go for a large cut this week.

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