The numbers of last Friday’s non-farm payrolls revealed economic evidence that had already been exposed but in a different dimension, such as the lack of chips for countless industries that need them to exist, such as the automobile, today totally dependent on small but powerful processors, the tendency to reinforce this importance as the different aspects of a car becomes increasingly digital and less mechanical. In the labour market, this imbalance was expressed in a lower placement of human resources in the available jobs, since employers were unable to find qualified workers to fill them, given that the technological disruption involves new work tools for which more training is needed. specific.
Another component of this gap created between supply and demand had to do with the lack of availability of the labour force, since either people have left the labour market or are still reluctant to enter, however, the result is the same and the immediate reaction of the market was to buy US government bonds and thereby reduce its interest, which caused a “rush” to the technological sector, given that it has been buffeted by the rise in yields in recent months, as it withdraws from the sector some premium of interest when comparing with other assets. With less pressure on labour costs, investors reduced their prospect of pressure that the FED may experience to change its monetary policy, which paved the way for further appreciation on Wall Street, while the US dollar lost ground against the other major currencies.
