Tomorrow at 12:30 p.m. UTC, we will know the most important results of the American labor market – the so-called NFP (nonfarm payrolls) and the employment rate. What results should we expect?
What Is a nonfarm payrolls report?
Job creation is the foremost indicator of consumer spending, accounting for most economic activity. The NFP report covers the total number of jobs added or lost in the economy, the current unemployment rate, and the average hourly wage of employees. Because all of this data might tell us about future consumer spending, the report is an excellent marker of the overall health of the US economy.
What to expect?
The upcoming decisions on the Federal Reserve’s monetary strategy could hinge on this data. If the figures exceed expectations, it might signal a move towards stricter monetary measures. Conversely, if the numbers are low, it could indicate a softer labor market, possibly pausing the trend of rate hikes. Any variation from these figures could influence the value of assets like stocks, bonds, foreign currencies, precious metals, and even digital currencies. The forecasted figure stands at 188k, with the previous data showing 336k, in contrast to the anticipated 170k.
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