© Reuters. FILE PHOTO: Signage for a job fair is seen on 5th Avenue after the release of the jobs report in Manhattan, New York City, U.S., September 3, 2021. REUTERS/Andrew Kelly/File Photo
A look at the day ahead in U.S. and global markets from Mike Dolan
With investors trying to read recessionary warnings from softening U.S. labor market signals all week, the outsize importance of the November payrolls report to next week’s Federal Reserve meeting has frozen frenetic markets in advance.
It’s hard to imagine the numerous employment soundings this week showing a loosening of the labor market will be contradicted by the overall employment report. However, the extent of markets’ rate cut euphoria means it will all be a matter of degrees.
The standing consensus forecasts are for a 180,000 rise in non-farm payrolls last month, an unchanged jobless rate at 3.9% and a cooling of annual wage growth to 4.0%.
But this week’s private sector jobs report for the same month was below forecast, weekly jobless crept higher, layoffs are rising sharply, job openings fell faster than expected for October and employment costs were revised down.
But a curious twist this month centres the…
Read the full article here