The CAC 40 has been struggling this week, against a backdrop of new fears about the trajectory of the US job market and economy. The financial community fears a sharp deterioration in the job market, notes LBP AM in this regard, noting that job creation is gradually weakening, that the unemployment rate is tending to rise this summer and that companies are offering fewer positions. And certain sectors (such as industry) are suffering, notes the French asset management giant.
The monthly US employment report published Friday for the month of August was generally lackluster, confirming the Fed’s (the US central bank) concerns about the labor market. Only 142,000 net jobs were created over the period, compared to 161,000 to 165,000 expected on average by economists. In addition, the number of job creations was revised downward to 61,000 in June and 25,000 in July. In the end, the monthly US employment report only indicates 56,000 additional jobs, which is very low, denounces CPR Asset Management. And if we exclude job creations in the education and health services sector, the employment dynamic appears even weaker.
This monthly report on American employment is perhaps the most important of the year, according to Mirabaud & Cie, because it should seal the Fed’s decision on the extent of the reduction in key rates at its next meeting (…)
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