Friday night’s US unemployment print saw an unexpected rise as previous results were revised down with average hourly earnings also not exactly setting the inflation fires raging, at just over 5% annually. Coupled with a poor July factory orders report, this put some pressure on the Fed’s outright exuberance in kicking down the inflation fairy with a slew of forthcoming interest rate rises.
In fact, a swathe of central bankers will meet this week and likely hike faster than a pair of young German tourists climbing Mt Kosciouko. Bloomberg has a pretty chart to explain the pain:
Locally, the great predictors of nothing and gamblers of property at Martin Place will meet tomorrow we’re they’re likely to hike again, even though the inflationary pressures are nearly non-existent domestically. Luckily the jobs market is still robust with workers having the upper hand in the wage battle, that is until the idiots at the ALP last week decided to turn the faucets on and flood the country with more workers.