All eyes on US jobs report

All eyes to the US jobs report to be released later today. The all-important nonfarm payrolls report will be the first one since officials at the Federal Reserve decided to keep the main interest rate on hold last month, which is likely to overshadow other economic news.

A stream of data was released during the Asian session on Friday, from Japan and Australia.

Overall household spending in Japan bounced 2.9 per cent in August from a year earlier, up from a 0.2 per cent decline in July and expectations for a 0.3 per cent gain.

That’s the highest level for household spending since 4.8 per cent in May, with that being the only other positive reading this year. The data series have been negative for most of the past year-and-a-half.

Australian retail sales rose in August, attesting to a high degree of consumer resilience despite a broader economic slowdown.

Retail sales rose 0.4 per cent month-on-month in August from a 0.1 per cent contraction in July according to the Australian Bureau of Statistics, exactly in line with expectations. The July contraction was something of a shock and was the first dip in over a year.

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