The highly anticipated Non-Farm Payrolls finally came in on Friday and the numbers did not disappoint. The Bureau of Labor Statistics reported that payroll employment rose by 336,000 in September, far beyond the 170,000 predicted. Payrolls from July and August were also revised higher, while the unemployment rate remained unchanged at 3.8%. The numbers came alongside data revealing that wage growth stalled last month, finally slowing down to 0.2%. This will ease pressure on the Federal Reserve who are looking for signs to finally lower the inflation rate.
The report was clearly well received by stock traders as the NASDAQ climbed 1.60% on the day, with the S&P and Dow Jones eagerly following behind at 1.18% and 0.87% respectively.
European indices also performed well on Friday, with the FTSE, CAC40 and DAX gaining 0.58%, 0.88% and 1.06% respectively. Asian stocks got the day rolling, particularly the Nikkei, which managed to close 1.67% in the black. Reminder that the Chinese market is finally open again this week, with all the welcome liquidity that will provide.
Gold avoided its tenth consecutive day in the red on Friday, finally showing a small sign of relief and clawing its way back up to $1832 for the week’s close.
In currencies, both the Euro and the Pound continued their recent reversal that started mid-week, a trend not shared by the Japanese Yen as it once again made a leap to the downside, finally closing at 149.3 despite a retreating Dollar.
Not much in terms of economic data until Thursday this week, where we will see another slew of releases out of the US, covering jobless claims, inflation rates and CPI, followed by Chinese inflation rate and balance of trade as an end of week treat on Friday.
The long-term question at the back of everyone’s mind is of course interest rates. The jobs data, and perhaps more specifically, wage growth data, are beginning to show optimistic signs. Is this merely a brief reprieve, or the start of a long-awaited climb down from historically high interest rates? Time will tell.
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