The American job market is still significantly stronger than expected, according to new figures. This reduces the likelihood of rapid interest rate cuts.
The stock market is sinking and the krona is weakening.
New US jobs were significantly more than expected in May, according to new figures from the labor market department.
In May, 272,000 new jobs were created outside the agricultural sector in the American economy. Economists had expected 180,000 jobs. In April, job growth was 165,000, according to revised figures.
Unemployment, however, rose from 3.9 to 4.0 percent.
The effect on the Stockholm stock exchange was falling prices, although not dramatic. The broad OMXS index fell directly by 0.4 percent after hovering around zero just before the figure was released.
A stronger US economy with high job growth reduces the likelihood of rapid American interest rate cuts. The pricing on the interest rate market is pointing to a first interest rate cut from the Federal Reserve in December, which is later than earlier indications. This reduces the risk appetite for stock market investments worldwide. Market interest rates therefore rose.
At the same time, the krona weakened by 8-9 öre against the dollar, to 10.47 kronor.
