Jobs Report Preview
What’s in Today’s Report:
- Jobs Report Preview
- Is Good Economic Data Bad for Markets?
Futures are modestly higher following a soft EU inflation reading and on reports, OPEC members may increase oil production.
Euro Zone PPI undershot expectations (1.2% vs. (E) 2.3%) offering some hope that inflation in the EU is peaking.
Oil is down 2.5% after Saudi Arabia said it may increase oil production to make up for any Russian shortfall.
Today’s focus will be on the economic and inflation data including, in order of importance: ADP Employment Report (E: 240k), Unit Labor Costs (E: 11.6%), and Jobless Claims (E: 210k). If the data is “Goldilocks” then this early rally can continue. Finally, there are two Fed speakers today, Logan (12:00 p.m. ET) and Mester (1:00 p.m. ET), with the latter more important (and if she’s hawkish that will weigh on sentiment).
