ASX to fall, $A rallies as investors fret over US economy outlook

The Australian sharemarket is poised to open the week in the red after weaker-than-expected US jobs data raised concerns about the health of the world’s largest economy.

The catalyst was the July US non-farm payrolls report, which showed the economy added only 73,000 jobs, well below the 100,000 economists had forecast. More significantly, data for the prior two months was revised down by a combined 258,000, dragging the three-month average to just 35,000, the weakest stretch of jobs growth since 2010, excluding the peak months of the pandemic.

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