Monday 11th December 2023

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The US non-farm payrolls data came in a lot higher than expected on Friday, with 200k extra jobs added last month. Wages grew a little more than expected. Not what you’d expect for an economy that is supposedly cooling. So, were the numbers too hot? Phil asks NAB’s Rodrigo Catril whether this changes assumptions around the timing of rate cuts by the Fed. He says some of the new jobs were one-offs, and the trend is still downwards, but markets have repriced their expectation for cuts in the early part of next year. There’s also discussion on Europe’s new AI laws and China’s worse than anticipation deflation.

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