Jobs Report Preview
What’s in Today’s Report:
- Jobs Report Preview
- EIA Data and Oil Update
Futures are moderately lower on digestion of Wednesday’s rally and some disappointing economic data.
EU Retail Sales badly missed estimates (-1.3% vs. (E) 1.5%) which is slightly increasing concern about the EU economic recovery.
Global August service and composite PMIs (China/EU) were generally in-line with expectations while the British service PMI slightly missed estimates (58.8 vs. (E) 60.1). Bottom line, the numbers weren’t great, but they weren’t awful either and generally speaking they won’t change the current market outlook.
Today there are two important economic reports, Jobless Claims (E: 977K) and the ISM Non-Manufacturing PMI (E: 56.8), and the market will want to see the actual data close to or better than both numbers to reinforce the economic recovery is ongoing. There’s also one Fed speaker today, Evans at 1:00 p.m. ET.
Finally, it’s important to note that vaccine “chatter” is getting louder and the chance we get a vaccine announcement before the election (November 3rd) is rising. Yesterday the CDC formally notified all 50 states to be ready to distribute a vaccine by late October/early November, so I want everyone to be aware of that, as a vaccine announcement would be another positive for stocks.
