The US economy added just 142,000 jobs last month according to the Bureau of Labor Statistics, well short of expectations that the number would be north of 200,000.
Whether this marks a reversal of the strong run of job creation seen over the past six months in the US or is merely a blip will not be known until next month at the earliest, but it certainly represents reason for some concern.
Markets are fully expecting an interest rate rise from the Federal Reserve to be forthcoming in the relatively near future and a second or third month of sluggish job creation could mean doves hold sway for a long time to come in the rate setting debate.
There is also a remote chance that a definite downturn in job creation and consumer confidence would lead to the Fed doing a U-turn on its plan to end monetary stimulus measures.
That would mean a lot of rethinking for wealth managers and other investors.
