# Cracks starting to show

Page: https://stenobird.com/podcast/nab-morning-call-427359/cracks-starting-to-show
Text version: https://stenobird.com/podcast/nab-morning-call-427359/cracks-starting-to-show.md
Podcast: [NAB Morning Call](https://stenobird.com/podcast/nab-morning-call-427359)
Published: 2026-05-21T20:28:38+00:00
Episode link: https://shows.acast.com/morningcall/episodes/cracks-starting-to-show
Audio file: https://sphinx.acast.com/p/open/s/631a89913c2be9001415dc41/e/6a0f6af780978431dabb4130/media.mp3
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/nab-morning-call-427359/episodes/cracks-starting-to-show
Duration seconds: 854

## Resource

Friday 22nd May 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB NAB’s Ken Crompton discusses the unexpected softening in the Australian labour market, where the unemployment rate climbed to 4.5% alongside a loss of 19,000 jobs. Ken points out that this surprising shift shows firms are pausing hiring plans due to global headwinds and the ongoing disruption in the Strait of Hormuz. While U.S. markets showed some resilience on the back of tech earnings, Europe faces deep contractionary pressures with manufacturing and services data turning weak. This sudden domestic downturn removes the immediate urgency for the RBA to lift interest rates again, pushing market expectations for the next potential hike out to August. Hosted on Acast. See acast.com/privacy for more information.

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