Markets defensive on fears of slower jobs growth

Thursday 2nd September 2021The ADP employment numbers in the US normally play second fiddle to the non-farm payrolls, but they are out a day earlier, and overnight they only came half way to meeting expectations. NAB’s Gavin Friend says they rarely show any correlation with Friday’s numbers, but they do reflect concerns about growth inhibited by supply chain disruption. The ISM numbers also reported a reduction in employment. On today’s podcast we also look at yesterday’s GDP numbers for Australia, which were a big surprise, but less relevant with most of the population now in lockdown with no clear end date in sight.

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