BlueBay AM: Today’s US payroll report positive surprise
BlueBay AM: Today’s US payroll report positive surprise
David Riley, Chief Investment Strategist at BlueBay Asset Management, comments on today’s US Payrolls and US Weekly Unemployment data.
“Good news that after the extraordinary 21mn collapse in payrolls in April, people are getting back to work. The worry under the surface is the rise in permanent layoffs and initial claims of almost 1.5mn each week, a rising share of which are likely to be permanent. The weekly unemployment claims also suggests that the pace of re-hiring dropped last week, potentially a forewarning that the surge in the infection rate across the US is staring to hinder the jobs recovery. Today’s payroll report is a positive surprise, but below the surface there are troubling signs for advocates of the V-shaped recovery that depends on a strong and sustained rebound in jobs.”
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