Daily News | US job growth at its peak

For the last two days, we’ve been talking about how the Fed is likely to increase its interest rates next month, but today that seems almost certain. The reason for that is the latest data on US job growth which was at its highest last month since October 2015. This is primarily seen as a recovery from the hurricanes that hit the US in September and caused the first drop in the number of jobs in seven years. It is important to stress, however, that the jobs affected by the hurricanes were the lowest paying jobs, so this US job growth primarily signifies the return of these people to their posts. This will likely slow down the rate at which wages are growing.

In other news, Bank of England hinted at two more increases of its interest rates in order to meet its goals regarding inflation. Deputy Governor Ben Broadbent did say this was not certain, but given the situation and the facts we know, the increases seem very likely to happen. Yesterday, the bank raised its rates for the first time in a decade, but that did not prevent the currency from losing a significant chunk of its value. We will have more on this next week, so check our daily analysis again on Monday.

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Author: Max Rothstein

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