The US Bureau of Labor Statistics is forecast to report the addition of 190,000 new jobs last month, while the unemployment rate is expected to edge lower to 4.70% from 4.80%. Wages are also likely to rise 0.30%, a pace higher than the prior month’s 0.10%.
The Federal Reserve will be closely monitoring the labor figures for further reassurance on the strength of the US economy. The past week has seen expectations for a rate hike during the Central Bank’s March 14-15 gathering skyrocket on the back of a string of better-than-expected data points, including the ISM and ADP numbers.
The CME Group’s Federal Funds futures that tracks market expectation for changes in monetary policy, is showing a 90.00% likelihood of a 0.25% increase in the benchmark rate next week.
While most US stock index futures ended Thursday flat, Nasdaq futures have managed to gain ground, trending back towards record highs.
February US Unemployment Report In Sight
Daily Analysis - 10/03/2017