Wow–528,000 new jobs. Of course interest rates shot up–by 10 basis points and stocks dropped. Could be an interesting day (aren’t they all?).
Once again we await on important economic stat–seems like there is something every week.
The consensus forecast is an addition of 258,000 new jobs in July with an unemployment rate remains flat at 3.6%.
Whether this number runs hot or if it comes in short it will not change anything I personally do investment wise, but it will give cover to future Fed moves–if the number runs hot the Fed has one more arrow in the quiver to continue rate hikes. If the number is soft it is a chance to soften the tone of their statements and potentially pave the way for interest rate hikes of say 50 basis points or just 25 basis points late in the year.
We’ll know more in 15 minutes.