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Breakfast Bites - US Jobs, UK new PM

What does the Labour win mean for UK markets?

Author

Ayesha Tariq
July 05, 2024

Rise and shine everyone.

Today’s focus is the US Jobs Data that’s being released at 8:30 am ET. The consensus estimate is for the Nonfarm Payroll additions to slow from 242k to 189k but, for the unemployment rate to remain at 4%. Average Hourly Earnings are also expected to slow, as a sign of a cooling labor market. A number coming in cooler than expected (i.e., lower jobs; high unemployment) could lead the market to surge because this may mean we get rate cuts sooner, likely September. It, of course, depends on the magnitude of the miss.

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