US payrolls signal easing, UK election seems inevitable and ECB between a rock and a hard place

AXA
By September 12, 2019 14:02

US payrolls signal easing, UK election seems inevitable and ECB between a rock and a hard place

A mixed batch of numbers from the latest US payrolls report last week left our outlook as expecting another easing in the US Fed Funds Rates in next week’s Federal Open Market Committee meeting. Headline payrolls growth slowed to 130,000 in August, confirming a softer pace of employment growth that has been in place for most of this year. However, labour supply was firm in August, unemployment was stable around decade lows at 3.7% and earnings surprised to the upside with an upwards revision to July – to 3.3% from 3.2% – and a solid August. The coming week sees Producer Price Index (PPI) and Consumer Price Index (CPI) inflation data released, as well as retail sales for August. 

AXA
By September 12, 2019 14:02

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