Jobs Day
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What’s in Today’s Report:
- Jobs Day
- Why Wednesday’s Weak Economic Data Is Increasing Growth Concerns
Futures are little changed following the U.S. holiday as the last 24 didn’t provide any substantial market surprises while focus turns towards today’s jobs report.
The Labour Party won a landslide election victory in the UK, as expected, but that victory isn’t altering the outlook for growth or inflation (so it’s not impacting markets).
U.S. growth worries are creeping slightly higher following Wednesday’s surprisingly soft economic data.
Today focus will be on the jobs report and expectations are as follows: 189K Job-Adds, 4.0% Unemployment Rate, 0.3% m/m & 3.9% y/y Wage Growth. Markets are still in a “bad is good” mode for data so the biggest risk to markets today is for a “Too Hot” number. But, that said, Wednesday’s economic data was outright bad and for those paying attention, there are now a lot of signs that the U.S. economy may be losing more momentum than expected. So, if there is a surprisingly weak jobs report (possible but unlikely) it will increase growth concerns and that’s a future risk to this rally.
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