The US labor market showed significant softening in June with payroll growth of only 57k and a 50-year low in participation. This data shift has bolstered precious metals and eased expectations for near-term Fed rate hikes.
Key Takeaways
- 1.US nonfarm payrolls rose by only 57k in June, significantly below expectations, with downward revisions to previous months.
- 2.The US labour force participation rate fell to 61.5%, its lowest level in 50 years, suggesting potential underlying labor market weakness.
- 3.Softer US economic data has dampened expectations for imminent Fed rate hikes, supporting precious metals and weighing on the USD.
Table of Contents
- Highlights
- Today (AEST)
- Global markets overview
- Data/event pulse
- Key themes and views
- Market at 6:45am today
- Key data releases
- What's ahead today
- Commodities
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Authors
Jack ChambersBrian MartinDaniel Hynes
Securities
S&P 500US 10y Treasury
Themes
AI-Driven InvestmentInflation OutlookUS Labor Market Weakness
Regions
GlobalEuropeMiddle EastUnited StatesAustraliaChina