US and Canada jobs reports to be announced at 8:30 AM ET
It's Unemployment (unenjoyment?) day in both the US and Canada. Traders are locked and loaded and all carbed/proteined/caffeined up for the fireworks.
The comments for Feds Powell this week may have taken some of the wind out of a weaker report. The Fed Chair (and other Fed officials) are now focused on putting the brakes on inflation via a faster taper (likely announced at the December meeting) and also tightening earlier than expectations in 2022. The caveat remains the new omicron virus but the chatter from Fed officials is more in terms of a new variant is more a risk to tighter labor (higher inflation) vs slower growth (lower inflation). The main concerns on inflation are supply chain, lower participation.
ADP released on Wednesday showed an increase of 534K. The ISM manufacturing came in near expectations at 61.1 vs 60.8 last month. The employment component index came in at 53.3 versus 52.0 in October (highest since April).
The US jobs expectations are for:
In Canada, the expectations for their jobs data is for: