Markets Despite a home run headline NFP print, Friday's surge in equities provided some relief, sparing cross-asset investors from experiencing another meltdown thanks to the offset in average hourly earnings, which was in line with expectations. Earlier in the week, ADP's pay insights data indicated double-digit wage growth for job-switchers, raising concerns about potential wage-price spiral dynamics for the Fed.
Nonetheless, it's important to note that these types of out-of-the-park reports are not the stuff that rate cuts are made of. In summary, while the Fed has been monitoring signs of slowing labour market demand and rebalancing due to tighter monetary policy, the trend observed so far this year has been a resurgence in job growth. Earning season Earnings season has arrived! Who's ready to dive into the numbers? If you're not exactly jumping for joy, you're not alone.