Updated Jobs Report Preview
What’s in Today’s Report:
- Jobs Report Preview (Slightly Updated)
Futures are modestly higher ahead of today’s jobs report as markets bounce back from Thursday’s late-day selloff.
Markets dropped into the close yesterday but that was driven by quarter-end re-positioning and rebalancing, not be any news, so it’s being partially unwound this morning.
Economic data underwhelmed as the EU and UK March Manufacturing PMIs both slightly missed estimates.
Today’s focus will be on the Jobs Report and expectations are as follows: Job Adds: 490K, UE Rate: 3.7%, Wages: 0.4% m/m, 5.5% y/y). The estimates for the jobs report have crept higher the past two days so we slightly revised our “Too Hot” and “Just Right” ranges for today’s jobs report, and they are included inside today’s Sevens Report.
Outside of the jobs report, we also get the ISM Manufacturing PMI (E: 58.6), and markets will want to see stability in the data above all else (so no big miss vs. expectations). We also get one Fed speaker, Evans at 9:05 a.m. ET, but he shouldn’t move markets.
For Sevens Report Quarterly Letter subscribers, the Q1 ’22 Quarterly Letter and compliance back up will be delivered via email around mid-day today. If you are not a subscriber and are interested in the letter, please click this link to learn more.
Finally, today is April Fools Day, so be extra wary of any preposterous declarations from your family, friends, or colleagues.
