Jobs Report Preview
What’s in Today’s Report:
- Jobs Report Preview (First of Two Key Economic Reports)
- EIA and OPEC Meeting Analysis
Futures are slightly higher on momentum from Wednesday’s rally and as the market again ignored soft economic data.
Economic data from Europe was again disappointing as German Manufacturers’ Orders slightly missed estimates (-9.0% vs. (E) -8.9%) as did the UK Construction PMI (48.9 vs. (E) 52.0).
Geo-politically, China began massive military drills around Taiwan, although they were previously announced.
Today focus will be on the Bank of England rate decision (E: 50 bps hike) and on weekly Jobless Claims (E: 260K). Specifically, markets will want to see if the BOE implies more 50 bps hikes are ahead (if so that’s a mild negative for the region). On jobless claims, will they continue to move methodically towards 300k? (That would be a mild positive as it implies slowing in the labor market, which the Fed needs to get to peak hawkishness).
From a Fed speak standpoint, Mester speaks at 12:00 p.m. ET.
