Commenting on the US jobs growth Hetal Mehta, Head of Economic Research at St. James's Place, said: "Today’s payrolls print was punchy, with the monthly change nearly double what the market was expecting and the highest since January. When we zoom out, we can still see evidence of an improvement in the labour market imbalance, but today’s print underscores the slow progress; the US still has far more job openings than it has people looking for work. This is clearly inconsistent with what the Fed requires to get inflation down, let alone signal rate cuts."
