DXY bounced with solid US jobs.
AUD did not.
Lead boots plod on.
Gold gets more worrying by the day.
Metals reversed.
The big bear is not over.
EM signs of life.
But yields weighing.
No bueno for BBB.
Stocks only go up.
US jobs were solid.
Total nonfarm payroll employment increased by 147,000 in June, and the unemployment rate changed little at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in state government and health care. Federal government continued to lose jobs.
…The change in total nonfarm payroll employment for April was revised up by 11,000, from +147,000 to +158,000, and the change for May was revised up by 5,000, from +139,000 to +144,000. With these revisions, employment in April and May combined is 16,000 higher than previously reported.
Wages are still softening.
But for how long?
US productivity has a long-term average of 2.1%, so keeping wage growth at 4% is an excellent result for living standards and inflation at 2%.
The immigration cuts should do the trick.
