Beautiful Done Deal. Unemployment Down. Happy 4th July.

Friday 4th July 2025

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Markets responded to what seemed like a strong set of payrolls numbers in the US, although the rate of new private jobs fell. Still, the unemployment rate also nudged lower. Phil asks NAB’s Tapas Strickland what this means for market pricing for Fed cuts this year. The rest of the day’s data from the US were also largely positive, including the ISM Services index, the weekly jobless claims and durable goods orders.  Donald Trump’s Big Beautiful Bill passed the House, meeting the deadline and adding to the positive vibes at the end of a shortened week. 

Today, Australia’s Household Spending Indicator is released. It’ll be interested to compare its figures with the weakness shown in the Retail Spending data published earlier in the week.

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