5 Jan 2024

BREAKING: The US job market remains strong

In December, the US economy added 216,000 jobs, above expectations of 170,000. This means that the US economy has now added jobs for 36 consecutive months. The US Unemployment Rate held steady at 3.7% in December (consensus estimate was for an increase to 3.8%). Wages actually increased to 4.1% year over year from 4% in November. The market reaction is as you'd expect - yields higher, with fewer rate cuts being priced in for 2024. In light of these numbers, there is a problem with the number of FED rate cuts being priced in. Source: Bloomberg

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