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Deutsche Bank: Any signs of weakness in the September US Non-farm Payrolls (NFP) will be magnified.

On November 20, Deutsche Bank analysts pointed out in a report on Thursday: “Market attention is quickly shifting to this delayed September non-farm report—we should have received this data nearly 7 weeks ago.” They added: “Generally speaking, data from months ago does not have a significant impact, but whether a rate cut can happen in December is likely to depend on whether this data is weak—this possibility does exist, especially when the balance growth rate of the job market in 2025 is already at such a low level, any signs of weakness will stand out significantly.” ( Jin10 )

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