US Jobs Report, China Political Extravaganza Top Agenda In New Week
In addition to Jerome Powell's congressional testimony, traders will be treated this week to a bevy of top-tier data including a jobs report out of the US.
I doubt anyone needs a reminder, but the last jobs report was a bombshell. The headline print doubled consensus and annual revisions pushed total hiring in 2023 beyond the three million mark. Not only that, average hourly earnings printed a scorching 0.6% MoM gain, double the expected pace, and the hottest in two years.
When considered with
Given China’s demographic profile, how can it not avoid a sustained period of deflation?
From a prevailing sentiment (as opposed to positioning) standpoint, feels like the pain trade this week revolves around Powell remaining hawkish up on the Hill, while the jobs report undermines some of the froth fears of last month’s report. Nothing will have changed, but markets may get whipsawed by economic reports of dubious accuracy, along with government officials talking about those reports.