NAB Morning Call Jobs openings data shows US on go slow
Sep 3, 2025
In this discussion, Ray Attrill, NAB’s market economist and strategist, dives into the latest U.S. job openings data, revealing a drop to 7.2 million. He explains how this decline signals a weakening job market, influencing tech stock surges and lower bond yields. Ray also touches on the surprising growth of Australia’s GDP, driven by household consumption, alongside the contrasting dynamics in job sectors and the implications for interest rate forecasts. Stay tuned for insights on economic trends and future market expectations!
AI Snips
Chapters
Transcript
Episode notes
Job Openings Point To A Softer Labour Market
- The US JOLTs report showed job openings fell from 7.4m to 7.2m with a downward revision to June, signalling labour market softening.
- Ray Attrill says this increases the likelihood the unemployment rate will tick up, supporting expectations for a September Fed cut.
Markets Reacted To Fed Cut Odds
- Softer US jobs and the Beige Book's
Alphabet Sparked Tech Rally
- Alphabet's antitrust ruling relief drove a large part of the tech-led US equity rally, with Alphabet up ~8.5%.
- Ray Attrill notes the Nasdaq's outperformance is largely explained by that single-stock move.