020 7898 0500On Thursday, we saw how only 163,000 private sector jobs were created in August and there was speculation this could signal that non-farm payrolls would miss expectations. On Friday we saw that they had – but rather than disappointing, they came in better than forecast. Non-farm payrolls increased by 201,000 in August which serves to underline how robust the US jobs market is at present.
The news helped the dollar retrace its earlier losses against sterling, although last week’s range was pretty tight when we look back. There has been some significant intraday volatility recently, but by the end of each day, we keep ending up more or less where we started.
It’s a fairly quiet start to the week for the US, but on Thursday we will see the inflation rate for August and the retail sales figures on Friday. We will also see industrial and manufacturing production figures, as well as the University of Michigan’s consumer sentiment.
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