Amid all the election drama, there is the October US jobs report at 1330 GMT
- US October ADP employment change 365k vs 650k expected
- ISM October manufacturing index 59.3 vs 55.8 expected
- ISM October US services index 56.6 vs 57.5 expected
This is truly going to be a non-event, all things considered. If you weigh up the employment data from earlier in the week (⬆), all signs point towards the risks being skewed to the downside as we look towards the non-farm payrolls headline later today.
The consensus is for +593K but it wouldn't be surprising to see a miss on that.
The ISM data showed manufacturing holding up but the services sector showed a modest drop in the employment component. Adding to that is the ADP report miss as well.
That said, the market has largely brushed aside all economic data, as well as the Fed, this week and I don't see why this would be any different despite its usual importance.
In the bigger picture, jobs growth is starting to slow down and with the virus pandemic still ravaging across the US, it is hard to imagine labour market conditions showing a drastic improvement if the health crisis continues to worsen in the coming months.
