Monday 8th August 2022

The US non-farm payrolls numbers on Friday were certainly a surprise to many, with 528k new jobs created in July, twice the market expectation. Wages also rose further. Phil talks to NAB’s Ray Attrill about the swift market response, with many assuming the Fed will go for another big hike at their next meeting. US consumer credit numbers on Friday are also a forewarning of a difficulty period ahead for struggling housheolds. Meanwhile, Joe Biden’s Climate bill has just been passed by the senate – what impact will another splurge of government spending have on the Fed’s endeavours to bring down inflation. Speaking of which, US CPI is the number to look out for this week.