US jobs data reignites volatility

Eurizon Weekly, 10.11.2025. As the US shutdown continues, through now finally seeming close to an end, and with the consequent lack of publication of many macroeconomic data, investor attention has focused on the limited available data relating to the US labour market. These have shown slight weakness, leaving open questions about the impact that the development of artificial intelligence will have on American employment. Uncertainty has translated into a marginal increase in volatility, without excessive movements, and profit-taking on equity markets. However, the latter are already positively pricing in the news of the approaching end of the shutdown, as reflected in this week’s early trading. Investor focus has now shifted to the Fed’s future monetary policy decisions, which must contend with a labour market that appears to be weakening. In-depth analysis with Stefano Cucchi from Eurizon’s Macro Research & Product Specialist team. Audio recorded on 10.11.2025.