Hey team. Futures advanced modestly ahead of Thursday’s nonfarm payrolls report, which will provide key insights into the state of the economy.
Let’s see what’s ahead for this market!
Impact Snapshot
🟥 U.S. Jobs Report - 8:30am
🟥 ISM Services PMI - 10:00am
Macro Viewpoint
Futures edged higher ahead of Thursday’s nonfarm payrolls release, with investors bracing for signs of a cooling labor market amid ongoing trade tensions under President Trump’s administration.
With market conditions calming down, economic data is starting to take center stage again. That makes markets more sensitive to any signs of weakness in the jobs report than they’ve been in recent months.
In the short term, the risk outlook is going to hinge heavily on how labor and inflation data evolve, and how those shifts influence expectations for the Fed’s next moves.
Growth analysis shows that current market pricing reflects a view that’s slightly more upbeat than our forecast for the year ahead. Still, there’s room for further upside if markets begin aligning more with growth projections for 2026.
Non-Farm Payrolls
Estimated that the unemployment rate edged up to 4.3% on a rounded basis
Estimated average hourly earnings rose 0.3%
We share our scenarios and what to expect from today’s NFP below 👇
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