This Friday’s nonfarm payrolls report is very important with a Federal Reserve rate hike expected later this month. The jobs report is crucial to shaping expectations for the Fed meeting.
Taking a look at the leading indicators for nonfarm payrolls, there’s certainly more arguments in favor of a stronger than weaker jobs report. Aside from the list below, one of the main reasons why job growth is expected to be stronger is because last month’s report was so weak. Job growth needs to accelerate if the Fed is to legitimately move forward with raising interest rates.
Arguments in Favor of Stronger Payrolls
1. Consumer Confidence Index Hits 17-Year High
2. Employment component of Non-Manufacturing ISM rises to 56.7 from 56.1
3. Employment component of Manufacturing ISM rises to 58.5 from 56.5
4. 4-Week Average Jobless Claims at 209.5K vs. 214.5K
5. Continuing Claims drop to 1.7M from 1.72M
Arguments in Favor of Weaker Payrolls
1. ADP Employment Change at 163k vs. 217K Previous
2. Challenger Reports 13.7% Increase in Layoffs
3. University of Michigan Consumer Sentiment Index Dropped to 7 Month Lows
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