Keep Your Eye On US Nonfarm Payrolls

Keep Your Eye On US Nonfarm Payrolls

This Week Last week, the Federal Reserve raised interest rates by 75 basis points to 2.25-2.5% as markets expected. Fed Chair Jerome Powell said he did not think the United States was in a recession, based on the strength of the jobs market.

U.S. Gross Domestic Product (GDP) released on Thursday fell at a 0.9% annual rate in the second quarter, according to the Commerce Department's advance estimate. The first quarter saw a contraction of 1.6%.

The US personal consumption expenditures (PCE) price index jumped 1.0% last month, the largest increase since September 2005, and followed a 0.6% gain in May. In the 12 months through June, the PCE price index advanced 6.8%, the biggest gain since January 1982. The PCE price index rose 6.3% year-on-year in May. In the upcoming week, the US Jobs Report will be announced on Friday.

US Nonfarm Payrolls are expected to rise to 250,000 in July, moderating from June’s pace of 372,000, while the unemployment rate is expected to hold steady at a historic low of 3.6%.

Moreover, the economic calendar features data on private sector hiring, JOLTS job openings, initial jobless claims, and ISM data on manufacturing sector activity

Attention Wednesday will turn to the latest release of Eurozone PPI and Retail Sales for June. The Retail Sales are expected to fall to -1.6% on the yearly basis

01 Aug 22 (Mon)

06:40 am