Weekend briefing: US data weak, policy guidance ineffective
This economic briefing highlights disappointing U.S. labor market data and a decline in vehicle sales, suggesting a cooling economy. It also expresses skepticism regarding the reliability of recent government economic statistics following leadership changes.
Why it matters
Economic data from the U.S. has global implications, particularly for trade-dependent nations like New Zealand, and influences international market sentiment.
Here's our summary of key economic events overnight that affect New Zealand, with news the G7 has agreed to a major release of strategic fuel reserves to keep a lid on energy prices. But so far the news hasn't really moved the cost of crude.
And there has been disappointing data out in the world's largest economy.
US non-farm payrolls were expected to rise +90,000 in September following the August +162,000 gain - a level that lacked confirmation from just about every other labour market metric. The actual September data is out today and that involves some embarrassing reversals. Not only was the August level revised sharply lower (-19%), the September headline gain was reported at just +29,000. Regular gains in this headline number above +200,000 ended when Trump took office in early 2024.
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