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Jobs are being created

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  • Yesterday's US employment data was strong, clearly - even if a majority of jobs being created are part time jobs. This is consistent with an expanding small business sector, cautiously seeking to increase capacity.
  • The US services ISM seemed to confirm the trend towards stronger employment. There were some comments about late payments damaging the healthcare sector, which is of interest in the wake of the Q1 GDP weakness.
  • The ECB has graciously condescended to allow mere mortals some kind of insight into its "thinking" about monetary policy, and will start publishing minutes from next year (sixteen years too late, but better late than never).
  • ECB meetings will reduce in frequency. Given the cumbersome nature of a committee of 25 people (from next year) it is to be hoped they are somewhat longer. German manufacturing orders make their appearance today. It is hard to be too enthused by that.

Listen to the audio version of this briefing.