Investors’ response to the latest US jobs figures can be described in one word: ‘meh.’

US wage growth accelerated to the highest level since April 2009 — partially reflecting technical factors but also reflecting tightness in the jobs market. This was, however, widely expected and comes during a time when Treasuries have already sold-off significantly and the US dollar has rallied.

About 20 minutes after the release of the data, the US 10-year Treasury yield was up 3.2 basis points to 3.176 per cent, near its levels before the report. The more policy sensitive two year yield was also up by roughly the same margin to 2.8911 per cent, also not far above its mark before the data. (Yields rise when prices fall).

S&P 500 futures - which had sharply pared their gains ahead of the jobs figures after CNBC said a US official denied that President Donald Trump was seeking China trade deal - held onto those levels. S&P futures were up 0.6 per cent while those for the Dow Jones Industrial average were 0.9 per cent higher.

Nasdaq 100 futures were down 0.1 per cent with gains held back by steep losses in apple ahead of the bell

The US dollar - as measured by the DXY index - was flat after having been down 0.2 per cent prior to the report.

“October’s data shows the labour market is tightening even further,” said Kully Samra, vice president at Charles Schwab. “Significant wage growth since last month, combined with high consumer confidence, underpins our belief that the US will see solid economic growth into next year.”

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