Yellen’s Labour Market Revision Consolidated by Bullish Payroll data
The labour market continued to impress this afternoon with a specifically bullish print above the key 200k mark, consolidating Yellen’s recent revision upwards at last weeks Fed meeting.
This print does evidence how split the US economy is with low Unemployment, good job creation, but longer-term Inflation woes and mixed growth figures making Janet Yellen’s job particularly difficult at present. Whilst Trump hails the labour market, and rightly so, his somewhat biased appraisal of economic progress across the Atlantic is not necessarily on the upwards trajectory the government would have markets believe. Furthermore, this solid jobs report will not override the importance of steady growth and manageable Inflation levels – so whilst today’s news is positive, markets need to evaluate the bigger picture.
US economy creates more jobs than expected in July
Alex Lydall quoted in The Independent