The Week Ahead….Labor, Labor and More Labor….
By Senior Broker, John Thorpe
Labor, Labor, Labor Critical to the outlook for monetary policy is how the cooling in the labor market is shaping up or rather cooling down. This week is a heavy data week about the U.S. Labor market. remaining days with a Labor data set to be released. First, Tuesday morning at 9:00a.m. Central time, the August J.O.L.T.S Job Openings and Labor Turnover report will be released. Conditions are expected to reflect low unemployment rates and a moderate number of job openings.
Wednesday @ 7:15 CDT the ADP National Employment report, expectations here are for private payrolls to expand but at a slower pace than in previous reports. Thursday the Challenger report will be released @ 6:30 CDT . layoffs are expected here but could actually show hiring plans consistent with strong consumer spending expectations over the holiday shopping season. Also, on Thursday ,Initial jobless claims for the week ended September 30 at 7:30 CDT will probably remain in line with recent weeks. Finally, the Big one on Friday morning @ 7:30 am CDT Non Farm Payrolls. ..an increase of 160,000 jobs are expected. From Econoday.com they say this ” Historically, the September employment numbers strongly tend to come in below forecast, but also strongly tend to subsequently see an upward revision. Should the September change in nonfarm payrolls be a disappointment, it would be well to wait for the next month’s report before concluding that the labor market is softening more than previously thought.”
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10-03-2023
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