Top of the Morning: May Jobs Report takeaways
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Andrew Dubinsky, Senior US Economist from the UBS Chief Investment Office, drops by on this jobs Friday to reflect on the May employment report and the overall health of the US labor market. Plus, a preview of next week’s May inflation data, and thoughts on what the inflationary
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4 itemsTop of the Morning: May Jobs Report takeaways
The UBS May jobs report revealed stronger-than-expected employment gains, with the economy adding 172,000 jobs, signaling resilience in the labor market. Per the full note from UBS, sectors such as leisure and government contributed significantly to the job growth, alleviating previous concerns surrounding the labor outlook. Despite the solid job numbers, wage growth slowed, suggesting persistent disinflationary pressures that could limit immediate Fed rate hikes. Overall, these dynamics place the central bank's policies in a cautious light as market participants assess subsequent inflation data due next week.
Top of the Morning: June Jobs Report & macro update
Top of the Morning: June Jobs Report & macro update
The recent June jobs report reveals a moderation in US payroll growth, underlining a trend of decelerating labor market conditions. According to UBS's insights, the addition of only 57,000 jobs fell short of the 113,000 consensus estimate, suggesting that while the economy isn't overheating, concerns over labor market strength are valid. This soft report, with unemployment ticking down to 4.2%, indicates that labor slack is building despite the apparent decrease in unemployment rates (per the full note [source]). With no upcoming critical macro data, traders might want to gauge positioning as markets react to the increasingly cautious tone coming from the labor market statistics.
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