Markets rocked as Sahm Rule ignited
Monday 5th August 2024
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There was a strong response to the weaker than expected US payrolls numbers on Friday, not on the heals of weak manufacturing data. Markets will be sensitive to the Services today, in case it adds another blow to US growth and fuels more inflation speculation.
NAB’s Taylor Nugent says part of the concern is that Friday’s rise in unemployment, from 3.8% in March to 4.3% in June, meets the criteria for the Sahm Rule, which is seen as a stronger predictor of a forthcoming…
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