All Eyes On This Morning's Employment Report

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All Eyes On This Morning's Employment Report

	Profit from the Pros By Kevin Matras Executive Vice President
	All Eyes On This Morning's Employment Report Image: Bigstock Stocks closed lower yesterday ahead of this morning's employment report. After Wednesday's better than expected ADP Employment Report, which showed 455,000 new jobs created in the private sector, hopes are high for this morning's official Employment Situation Report by the Bureau of Labor Statistics (BLS). The consensus is calling for 490,000 new jobs created (458K in the private sector and 32,000 in the public), with the unemployment rate falling from 3.8% to 3.7%, and the participation rate increasing from 62.3% to 62.4%. With inflation at 40-year highs, and interest rates on the rise, the Fed has touted how strong the economy is, and how "extremely tight" the labor market is. Traders will be looking for confirmation that's still the case in this morning's report. In other news, Weekly Jobless Claims yesterday rose 14,000 to 202K vs. views for 195K. The Personal Income and Outlays report showed personal income up 0.5% m/m (in line with expectations), while personal consumption expenditures (PCE) was up 0.2% vs. views for 0.5%. The PCE Price Index was up 0.6% m/m (as expected), and 6.4% y/y (also as expected). The Core PCE Price Index was up 5.4% y/y, just under the 5.5% consensus. And the Chicago PMI jumped to 62.9 from last month's 56.3 and expectations for 57.0, underscoring the strength of business conditions in the Chicago area. The administration also announced they would be releasing 1 million barrels of crude oil per day over the next 6 months from the Strategic Petroleum Reserve, in an effort to bring down energy prices. Crude oil dropped roughly -6% yesterday, but remains over $100 a barrel. In addition to this morning's Employment report (which comes out at 8:30 AM ET), we'll also get the PMI Manufacturing report, the ISM Manufacturing Index, and Construction Spending. But the jobs report is the main event. Should be a busy day. Best, Kevin Matras Executive Vice President, Zacks Investment Research
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