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Commenting on disappointing US job creation figures in May PDF Print E-mail
Monday, 05 June 2017
Commenting on disappointing US job creation figures in May, Darren Ruane, Head of fixed interest at Investec Wealth & Investment, said: “New job creation in the US for the month of May disappointed investors, with a number of 138,000 newly created jobs compared with a market forecast of 182,000. In other disappointing news, April’s job creation number was revised down from 211,000 to 174,000. Although the unemployment rate fell from 4.4% to 4.3%, this number was supported by a reduction in the labour market participation rate.

“Immediately following the data, markets have responded in a predictable way. Government bond yields have fallen in response to a weaker showing for the US economy, while equity markets and the US dollar have followed.

“Despite the disappointing economic news, the big picture remains that the unemployment rate is close to normal cycle lows and the likelihood of a US interest rate rise later this month has not diminished. Fed policymakers will likely focus on the second round effects of a tight labour market and may ignore today’s data as short-term economic noise.”

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