Jobs, Payrolls, and Disinflation | Morning Express | 2/3/2023
Posted: Feb. 3, 2023, 7:30 a.m.
- Jobs Friday, U.S. Nonfarm Payrolls for January are due at 7:30 am CT, 185k jobs are expected to have been created.
- Wage growth will continue to be a major focus after Q4 data this week confirmed its slowing trend. Expectations are for +4.3% y/y and +0.3% m/m.
- Unemployment Rate is expected to tick up to 3.6% from 3.5%.
- The private ADP Payroll report on Wednesday printed 106k jobs versus 178k expected.
- Final January SPGI Services PMI is released at 8:45 am CT.
- The closely watched ISM Non-Manufacturing report for January follows at 9:00 am CT, it is expected to rebound to 50.4, from 49.6, a minor contraction in December.
- Although December’s ISM Non-Manufacturing Report showed prices rose at their slowest pace since February 2021, they still expanded rapidly at 67.6.
- Questions are mounting on the health of the economy and whether data, specifically wages, will continue to show disinflation.
E-mini S&P (March) / NQ (March)
S&P, yesterday’s close: Settled at 4191.50, up 59.25
NQ, yesterday’s close: Settled at 12,846.75, up 432.50
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Crude Oil (March)
Yesterday’s close: Settled at 75.88, down 0.53
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Gold (April) / Silver (March)
Gold, yesterday’s close: Settled at 1930.8, down 12.00
Silver, yesterday’s close: Settled at 23.615, up 0.006
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Silver (March)
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