Nonfarm Payroll

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The US labor market remains strong, but it is starting to show signs of cooling. On Wednesday, the ADP report showed that 324.000 jobs were created in the private sector in July 2023, well above the market forecast of 189.000 and from a downwardly revised 455.000 the prior month. Today, the US Bureau of Labor Statistics reported that nonfarm payrolls increased by 187.000 in July 2023, below the market forecast of 200.000. The best sectors were health care, financial activities and construction. The US unemployment rate decreased to 3.5%, from 3.6%. Annual average hourly earnings increased by 4.4%, above market forecasts of 4.2%.

US economy continues to show resilience despite the Fed’s efforts to slow it down. According to the US Bureau of Economic Analysis, US GDP advance estimate for the second quarter of 2023 grew by 2.4%. The data published was higher than 2% in Q1 and the market forecast of 1.8%. Core PCE, a key inflation indicator, slowed to 4.1% in June 2023, from 4.6% the prior month.

Bringing inflation down to 2% remains the Fed’s main goal. After a pause in June, the Fed resumed raising rates at its July 2023 meeting, bringing the current target rate at 5.25% – 5.50%. The CME FedWatch Tool is currently pricing a higher chance of another pause, which will leave the rate unchanged.

This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Aleph Finance, or its affiliates.

Aleph Finance is a trading name of UCapital Asset Management LLP.

UCapital Asset Management is authorized and regulated by the FCA – Financial Conduct Authority – with registration number 477155.
UCapital Asset Management LLP is authorized as third country firm without a branch by CONSOB with registration number 54.

Registered Company number OC333807.

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Registered Company number OC333807.

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Past performance is not a guide to future returns. The value of investments and any income from them is not guaranteed and may fall as well as rise and the investor may not get back the original amount invested.

Aleph Finance is a trading name of Pairstech Capital Management LLP.
Pairstech Capital Management LLP is authorized and regulated by the FCA – Financial Conduct Authority – with registration number 477155.
Pairstech Capital Management LLP is authorized as third country firm without a branch by CONSOB with registration number 54.
Registered Company number OC333807.

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Past performance is not a guide to future returns. The value of investments and any income from them is not guaranteed and may fall as well as rise and the investor may not get back the original amount invested.

Aleph Finance is a trading name of Pairstech Capital Management LLP.
Pairstech Capital Management LLP is authorized and regulated by the FCA – Financial Conduct Authority – with registration number 477155.
Pairstech Capital Management LLP is authorized as third country firm without a branch by CONSOB with registration number 54.
Registered Company number OC333807.

For further information, please read our Legal Documents.

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