This eventful week for the US will conclude with the Non-Farm Payrolls report and a statement on the overall rate of unemployment in the broader economy.
The expectation is for an additional 181k new jobs to be added compared to the 196k of the previous month. Overall, the forecast is for the rate of unemployment to remain at the current rate of 3.8%, which is as already stated a vitally important point of consideration for the FED for its future monetary policy decisions.
Another important part of Friday’s data release would be the change in hourly earnings. Thus far, the expectation is for the earnings to rise from the previous rate of 0.1% to 0.3%, which is an essential aspect of the overall NFP report because higher wages will result in higher spending rates. Conversely, higher consumer spending is good for the stability of the prices in the economy, which is the primary gauge that central banks such as the FED use for the measurement of the health of the inflation rate.
In case that the NFP report, and most notably the hourly earnings statistics, turn out to be positive then we can expect the Dow Jones index to gain strength, driven by the better prospects for future consumer spending rates.
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