US jobs number at 222,000 exceeds market expectations
US employers added another 222,000 jobs over June. The figure surprised on the upside as markets predicted a figure of 178,000. Average hourly earnings rose by 2.5% but missed estimates of 2.6%. With the US now drawing ever closer to full employment markets are asking how much longer can the US jobs market continue to deliver forecasting busting employment numbers. Low wage inflation with an ever tightening labour market has left investors speculating on how this effects the FED’s path of rate hikes. Equity markets notched up on the news with US debt seeing some short term weakness.