The US jobs numbers that surprised, then didnt
Monday 11th March 2024
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US payrolls data was initially a surprise on Friday. NAB\u2019s Ray Attrill says there was an initial algo-driven market response, before the human s stepped in on realising that substantial downward revisions in the previous two months meant jobs data was weaker than anticipated. Hence, expectations for a June cut haven\u2019t really shifted. Canada\u2019s employment data, which was higher, passed by with little fanfare. China\u2019s inflation numbers were a surprise over the weekend, coming in at the highest month on month level in a year. Japan\u2019s GDP read is expected to be revised higher today, but the biggest influence on the BoJ strategy will come later this week with the early results of spring wage negotiations.
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