Norbolsa | On Thursday, the US employment report for September was published, providing more complex readings for predicting the Fed’s next steps. On the one hand, we had higher-than-expected job creation figures, with revisions for the previous three months also positive on balance. However, the unemployment rate rose to 4.4% from 4.3% due to increased participation. In addition to the mixed reading of the data, the delay in data due…

Bankinter | On Tuesday, the ADP published an average weekly job loss of 2,500 people in the four weeks ending 1 November. These figures suggest that the labour market lost some momentum at the end of October, although the pace of job losses moderated in early November. Bankinter analysis team’s view: Negative data reflecting a slowdown in the labour market, although slightly improved from 11,250 people (weekly average) in the…

Bankinter | The National Retail Federation forecasts that sales during the holiday season (1 November to 31 December) will grow by 3.7 to 4.2% compared to 4.3% in 2024. They will reach between $1,010 and $1,020 billion. ‘Consumers are cautious, but remain fundamentally strong and will continue to drive economic growth.’ The NRF remains optimistic about the Christmas season and expects consumers to continue looking for savings on non-essential products,…

Link Securities | According to US payroll processor ADP, the US economy created 42,000 net private jobs in October, following two months in which private companies destroyed net jobs (3,000 in August and 29,000 in September). The FactSet analyst consensus expected a slightly lower reading of 37,500 net private jobs. In October, the education, healthcare, retail, transport and public services sectors led private employment growth in the US. Conversely, for…