Jobs Report Preview (Could It Make the Fed More Hawkish?)
What’s in Today’s Report:
- Jobs Report Preview – Could A “Too Hot” Report Make the Fed more Hawkish?
- Oil Update and EIA Analysis
Futures are slightly higher following a night of mixed economic data.
Global June manufacturing PMIs were mixed as the Japanese (52.4 vs. 53.0) and UK (63.9 vs. (E) 64.2) PMIs missed estimates, while the EU manufacturing PMI beat expectations (63.4 vs. (E) 63.1.).
The net impact of the data is to show the global recovery is on going, but also that it has lost a bit of momentum.
Today’s focus will be on economic data, with the two important reports being Jobless Claims (E: 387K) and the June ISM Manufacturing Index (E: 61.1). As has been the case, markets will want “Goldilocks” data to start the quarter, in that the numbers show solid activity, but nothing that would make the Fed taper more aggressively. There’s also one Fed speaker, Bostic at 2:00 p.m. ET, but he shouldn’t move markets.
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