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NAB Morning Call
Jobs, growth, inflation and tech earnings.
Oct 29, 2024
Taylor Nugent, a market economist at NAB, shares insights on essential economic trends. He discusses the declining job openings in the US alongside Japan's falling unemployment, indicating mixed signals in the labor market. Taylor highlights the significance of upcoming GDP and CPI figures from Europe and Australia, and addresses how these might influence the Reserve Bank of Australia's decisions. The conversation also delves into the anticipation surrounding tech earnings from giants like Alphabet, Meta, and Microsoft, which could shape market reactions.
15:29
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Quick takeaways
- US job openings have declined significantly, suggesting potential cooling in the labor market despite a slight increase in hiring rates.
- The revision of GDP forecasts highlights cautious economic growth expectations amid robust consumer spending and evolving inflationary trends in Europe.
Deep dives
Job Market Insights
Job openings in the US have declined significantly, with the latest JOLTS report showing 7.4 million openings in September, down from 7.86 million in August. This figure was notably below market expectations, indicating a potential cooling trend in the labor market. Despite this decline, the hiring rate has increased slightly to 3.5%, signaling mixed signals in employment trends. Factors such as weather and strikes may have impacted the data, suggesting that the drop in openings could be a temporary anomaly rather than a systemic issue.
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