Cracks starting to show

NAB Morning Call · May 21, 2026 · 14m

Friday 22nd May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABNAB’s Ken Crompton discusses the unexpected softening in the Australian labour market, where the unemployment rate climbed to 4.5% alongside a loss of 19,000 jobs. Ken points out that this surprising shift shows firms are pausing hiring plans due to global headwinds and the ongoing disruption in the Strait of Hormuz. While U.S. markets showed some resilience on the back of tech earnings, Europe faces deep contractionary pressures with manufacturing and services data turning weak…