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Bit of pap from the AFR "Economic exceptionalism" they call it....

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08/10/24

05:54

Post #: 76018722
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Bit of pap from the AFR

Was this the knockout blow for bearish investors? The stunning US jobs market data released on Friday night would seem to kill off any suggestions that the American economy is at any risk of a hard landing, and is just the thing to keep the “everything bubble” running into the end of the year.

The soft landing investors have bet heavily on looks like it’s locked in, if not already here. The Federal Reserve’s 0.5 percentage point interest rate cut looked like a signal that the world’s most important central bank was getting scared about the state of the US labour market.

But instead, investors appear to have the best of all worlds. That is, a Fed that’s cut hard, and looks set to keep cutting into Christmas; a US economy that continues to trundle along very nicely indeed; a Chinese government that has finally joined the stimulus party; and an AI revolution that keeps on keeping on.

The US labour force data showed 245,000 jobs were created in September, well above expectations of 150,000 new jobs. July and August’s numbers were also revised up, average earnings rose nicely and the unemployment rate fell to 4.05 per cent.

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"Economic exceptionalism" they call it. Meanwhile.......

XJO Value at posting: 8,205.4
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