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Jakobsen on the US: A negative vicious circle
Friday we get the latest US jobs figures, the non farm payrolls. We're expecting between 225 and 250-thousand new posts to have been created in May. Saxo Bank's Steen Jakobsen is less than impressed with America's economic performance and refers to a "negative vicious circle that continues to disappoint" in terms of growth.
Steen considers why things aren't so much better for the USA especially since he says the IMF, central banks and the Fed were talking about 2014 as the "year of recovery". The US is only in "stabilisation mode", he believes and it's not producing as far as velocity, employment and new initiatives are concerned.
Steen says he expects the US dollar to weaken over the next couple of quarters. With China rebalancing and Europe still only just starting to recover, he has big worries about expectations and reality as far as global growth is concerned.
02:29 minutes
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