Gloomy week for US data puts spotlight on the Fed

Schroders
By October 9, 2019 14:46

Gloomy week for US data puts spotlight on the Fed

US hiring and wage growth missed estimates in September. This puts more pressure on the Federal Reserve (Fed) to cut interest rates for the third time this year, especially as it comes after a slew of disappointing US data this week

Non-farm employment expanded by 136,000 in September, compared to consensus expectations of 145,000, while August’s figure was upwardly revised. The three-month trend in hiring slowed to 151,000 in September compared to 171,000 in August. Employment gains in September were driven by the services sector, including healthcare and professional and business services. Retail employment contracted for an eighth consecutive month, while construction payroll growth remained tepid. Manufacturers saw 2,000 job cuts, continuing a weak trend which was already flagged by the deeper contraction in the ISM manufacturing employment index.

Schroders
By October 9, 2019 14:46

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