Market Intelligence

Jobs Report Preview (Why It’s the Most Important Jobs Report of the Year)

September 2, 2021/in Investing, Reports/by Tom Essaye

What’s in Today’s Report:

Jobs Report Preview (Why It’s the Most Important Jobs Report of the Year)
EIA Analysis and Oil Market Update

Futures are moderately higher following a very quiet night of news as investors position for tomorrow’s jobs report.

Euro Zone PPI was much hotter than expected, rising 2.3% vs. (E) 1.2%, and that is the second consecutive strong inflation number from the EU.

There were no new infrastructure or COVID headlines overnight, and investors continue to add exposure ahead of an anticipated “Goldilocks” jobs report.

Today’s focus will be on economic data, especially Jobless Claims (E: 350K) and Unit Labor Costs (which is contained in Productivity & Costs). Unit Labor Costs are expected to rise 1.0% but if the number comes in decidedly higher than that, it will add to inflation fears (and could be a mild headwind on stocks today).