Business Maverick: ‘Sizzling’ US Jobs Data Make Case for Bigger Fed Rate Increases

Consumer Spending Likely to Be Buoyed by Wage And Payroll Gains

Friday’s jobs data, while important, was just one of four key reports that will shape the FOMC decision next month. There will be one more employment print and two consumer-price index readouts, with the July data out on Aug. 10. That report should show slowing inflation because of plunging gas and commodities prices.

All else equal, the jobs data “would lean in favor of either a 75 basis-point hike or a longer hiking cycle, because we are not seeing moderating job growth,” she said.“The July jobs report settles it — we are not in a recession. More importantly, it also means the Fed will likely have to hike by another 75 basis points in September. Hiring was broad-based across sectors, and there was no evidence of widespread layoffs. The labor market has tightened even further from a high starting point.

How did covid lockdowns, supply chain disruptions and the deteriorating relationship with China factor in this labour data? Globalisation is no longer a buzz word and we are heading into the next Cold War.

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