Hard landing watch: US employment report

US September non-farm payrolls blew through the consensus expectation but the totality of evidence from the employment report suggests that the labour market continues to cool. Including upward revisions to the prior two months, 455,000 jobs were added to the payrolls tally in September. Continue reading

Hard landing watch: US ISM manufacturing survey

This is the second in a series of short posts focusing on whether incoming economic news supports or contradicts the forecast of a global “hard landing” suggested by monetary trends. The US ISM manufacturing new orders index rose to a 13-month high of 49.2 in September, apparently supporting soft landing hopes. Continue reading