Soft is good for the US, but European CPI is harder to take

Thursday 31st August 2023

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There seems to be lots of good news in data from the US lately if the assumption is that soft data is good right now. NAB’s Rodrigo Catril says we’ve been seeing a bit of that this week, including a downward revision in US GDP and the latest ADP jobs numbers reaffirming that the tightness in the labour market is continuing to ease. It’s a different story for Europe, where inflation remains persistent. The full Eurozone CPI number is published today, but data from Germany and Spain shows the ECB has more to do. Locally, the RBA is likely to be on hold next week after yesterday’s softer CPI read, but don’t assume inflation has gone away or that the RBA won’t hike again. As we explain in today’s episode.

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