Latest News
U.S. jobs report to trigger market volatility
News Highlight
The US economy added a robust 263,000 jobs in November 2022. The figure beat the projections of about 200,000 new jobs by analysts and was seen to defy aggressive interest rate hikes by the Fed.
Nigel Green, CEO & Founder of deVere Group, one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients with $12 billion under advisement, has said the latest US employment data will trigger market volatility and could cause further monetary tightening by the Federal Reserve.
The US economy added a robust 263,000 jobs in November 2022. The figure beat the projections of about 200,000 new jobs by analysts and was seen to defy aggressive interest rate hikes by the Fed in efforts to cool the economy and bring down decades-high inflation. Unemployment rate in the world’s largest economy held steady at 3.7 percent, according to the Labour Department.
“Investors should be prepared for increased market volatility,” said Green. “The U.S. jobs report is going to trigger turbulence as the labour market is still strong despite the Federal Reserve imposing the biggest series of rate rises in decades in its battle to cool inflation. This wage inflation means that the U.S. central bank is likely to be raising interest rates for longer than anticipated.”
Related News
Latest Blogs
- Facilitating sustainable and clean energy in Africa
- Nigeria’s local government, development, and democracy
- What prospects for Africa as driver of world population increase
- US-Africa Summit vs. China’s investment in Africa
- Unsustainability of costs of elections and election petitions in Nigeria
Most Popular News
- Stripe acquires Nigeria’s Paystack for over $200 mn to expand in Africa
- Nigeria surpasses 30 percent Covid-19 vaccination milestone
- IFC provides Union Bank $30 loan to support trade, SMEs
- China's population decline to affect its economy and geopolitical power
- Central Bank of Nigeria raises interest rate to 17.5 percent
- TotalEnergies showcases commitment to innovation with new lubricant ad