2 September 2022
If you are covering the latest US labour market statistics, please see the following comment from Hinesh Patel, portfolio manager at Quilter Investors:
“Today’s US jobs market data are showing an increase in the unemployment rate, though workers still appear to be making a steady comeback to the workforce as 315,000 positions are added to nonfarm payroll employment.
“The rising cost of living due to increasing energy prices and borrowing costs, combined with the wealth destruction from falling bond and equity markets is resulting in a reality check for the cohort of the populous that believed they would no longer need paid employment.
“The top level hiring data are good and wage growth appears to be normalising, though given the dent to CEO confidence and new order indicators we anticipate it is only a matter of quarters before the employment growth may grind to a halt.
“At this juncture, it will be key for investors to maintain focus on the long-term and owning quality.”
