|Data for week commencing 02 September 2019|
Anyone who doubts that the Trump team isn’t sensitive to the market’s reaction to its trade tweets and about the course of negotiations between the US and China, received signals that should change their mind. And the messages that have gone out lately have so enthused Wall Street that even a disappointing jobs number didn’t bring stocks down.
Of course, the 130,000 jobs created in August was 20,000 short of what economists expected but it has increased the likelihood of the Fed living up to expectations that it will cut interest rates at its next meeting. On that subject, the central bank boss, Jerome Powell, would like the fact that while job creation slowed and unemployment was steady at 3.7%, wage rises picked up by 0.4% to be up 3.2% annually.