There may be a feeling of ‘after the Lord Mayor’s show’ for the normally all-important US non-farm payrolls, following the Fed meeting earlier in the week.
The US jobs market has continued to hold up well despite concerns over slowing consumer spending and increased costs on the part of some US businesses.
This is despite reports of job losses from some large companies, including in recent earnings reports.
Job vacancies remain high, with weekly jobless claims still at a low 230,000 a week.
September’s NFP payrolls number was a solid 263,000, while the unemployment rate fell to 3.5%, in part due to a drop in the participation rate, while wage growth fell to 5%.
“This continues to be a puzzle given the continued rising cost of living and the fact it is 1% below the levels it was pre-pandemic,” said Michael Hewson at CMC Markets, noting that wage growth was hardly ripping up any trees at its lowest level this year.
“Expectations are for another slowdown in jobs growth to 200,000 which would be the lowest number this year, along with the unemployment rate ticking back up to 3.6%.”
Significant announcements Friday
Trading updates: 4imprint Group Plc (AQSE:FOUR), Morgan Advanced Materials plc (LSE:MGAM), TBC Bank (LSE:TBCG) Group PLC
Interims: Apax Global Alpha PLC
AGMs: Celtic PLC, DFS Furniture PLC (LSE:DFS)
Economic announcements: PMI Construction (UK), Non-farm Payrolls (US), Unemployment Rate (US)