Was US payrolls a Goldilocks moment?
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Monday 4th September 2023
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The number of American jobs rose in data released Friday. Normally this would be seen as a sign of a tightening labour market, but a sharp rise in those entering the labour force means the unemployment rate has actually increased, whilst wage increases have slowed. NAB\\u2019s Ray Attrill says the Fed and Joe Biden couldn\\u2019t have hoped for anything better, even if they wrote the numbers themselves. All in all it has reduced the expectations of a Fed rate hike later this month. Locally, there\\u2019s little chance of a rate rise in Philip Lowe\\u2019s last meeting at the RBA, but NAB still expects at least one more hike before the year is out. So, what data will drive that decision?
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