What’s in Today’s Report:
- Jobs Report Preview (Abbreviated Version)
Futures are little changed as the debt ceiling extension was made official during an otherwise quiet night.
Economic data was mixed as the Chinese Service Sector PMI beat estimates (53.4 vs. (E) 49.1) while Japanese House Hold Spending missed expectations (-3.0% vs. (E) -1.9%), but those numbers aren’t moving markets.
The debt ceiling extension was signed late last night and the proverbial “can” has been kicked to late December.
Today focus will be on the Employment Situation report are expectations are as follows: E: Job Adds: 475K, UE Rate: 5.1%, Wages: 0.4% m/m 4.6% y/y. Treasury yields remain buoyant (the 10-year yield was above 1.60% overnight) so risk remains that a “Too Hot” number spikes yields and hits stocks.
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