This week, Kevin Kidney, Head of Asset Allocation, and Matt Henderson, Portfolio Manager, focus on US employment and its swift movement back towards a healthy balance, which was confirmed earlier in the week with the Job Openings and Labour Turnover data. The market reaction from an equities perspective was negative but bonds rallied, providing an offset which demonstrates the importance of multi-asset diversification in investing. We finish with the Non-Farm Payroll data and a look back over the 50 year average for US jobs growth which helps provide context for the normalisation that we’re seeing.