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Sep 02 - 09:55 AM

USD: August NFP: Slightly Bad News Should Be Good News For Markets - CIBC

By eFXdata  —  Sep 02 - 08:52 AM

CIBC Research discusses its reaction to today's US August jobs report.

"In an US overheated economy, slightly bad news should be good news for markets, and today’s jobs data had a small taste of that. The payrolls gain for 315K was close to consensus, but there was a downward revision to the two prior months of 107K in total, which left the level below consensus. As well, a rise in labor force participation – which brings a bit of relief on tight labor supply – took the jobless rate up two ticks to 3.7%, and wages were a touch softer than expected with a 0.3% monthly gain," CIBC notes. 

"The bond market has been selling off in the days leading up to the data and will see a bit of relief today, and even equities might be happier with a somewhat cooler temperature reading on what has been a too tight labor market," CIBC adds. 

Source:
CIBC Research/Market Commentary

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