US jobs - steady as she goes - Socgen

Kit Juckes, economist at Societe Generale offered a few words on US jobs.

Key Quotes:

"Only a few, mind. Employment growth has recovered slightly to 2% per annum. Enough to keep the US economy ticking over nicely, but wage growth's at 2.3% and that won't scare the Fed.

Nor will a slight uptick in unemployment as the participation rate recovers. Between excess supply as Chinese demand slows (steel), competition from robots in the labour market and everything else that's going on, the Fed has plenty of excuses to remain on hold."

"My colleague Michala Marcussen counted 22 instances when Janet Yellen referred to ‘global', ‘foreign' and ‘dollar' in her speech to the Economics Club of NY last week so trivial details like a steadily tightening US labour market and a steadily growing US economy don't matter much...."