As the first full week of 2021 trading draws to a close, all eyes will be on the US December 2020 jobs report. It’s likely the US dollar, equity, and bond markets will all take their short-term direction from the data which will cross news wires at 1.30 pm this afternoon.
Expectations are very low for this report with many economic forecasters predicting a significantly softer pace of growth. However, the prospect for a negative print, implying the US economy in fact lost jobs in December, has risen since private payrolls data earlier this week saw a 123K decline.
The consensus is for 71,000 jobs to have been added in December with the unemployment rate ticking higher to 6.8% vs. 6.7% at present. Average hourly earnings numbers are expected to fall to 0.2% from 0.3% last month.
Elsewhere, we’ll observe eurozone unemployment data, a Canadian jobs report all while the US political situation rumbles on with the Democrats urging the Republicans oust President Trump for inciting riots!
Have a great weekend and stay safe.
8:44am, January 8th 2021
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