Monex: Markten reageren gelaten op catastrofale Amerikaanse arbeidsmarktcijfers
Monex: Markten reageren gelaten op catastrofale Amerikaanse arbeidsmarktcijfers
Hieronder volgt een commentaar in het Engels van Ranko Berich, Head of Research bij Monex Europe op de Amerikaanse arbeidsmarktcijfers die vanmiddag zijn bekendgemaakt.
“Today’s jobs figures are catastrophic on a human and economic level, but from a policy or a markets perspective, they simply confirm what both central banks and market participants have been reacting to since at least March.”
“We know the covid-19 shock will be extraordinarily bad, and today’s data confirms it. The finer details of the report are interesting, but largely beside the point when compared to the sheer scale of job losses. After accounting for the vagaries of survey responses, it seems roughly one sixth of the US workforce has been made unemployed in the space of a month.”
“Two factors explain the placid market response to today’s utterly catastrophic report. Firstly, weekly initial jobless claims, together with other data, enabled economists to get a good read of the data release, and the number itself printed in line with expectations. Forecasting non-farms evidently becomes less difficult when plus or minus one million jobs is an acceptable margin of error. Secondly today’s data is merely confirming what markets, governments, and central banks have been bracing for since at least March: a global recession of unprecedented suddenness and depth.”