Everything you need to know about Today’s (09/02) August Job Report:
Link to data: https://www.bls.gov/bls/newsrels.htm
Release Time: 8:30 AM EST
Importance: This is perhaps the most important metric the Fed will look at before its meeting on the 20th to decide whether we get a 75 or 50 bps rate hike.
Expectations: 318,000 jobs added in August, less than the surprisingly strong 528,000 jobs added in July.
The unemployment rate is expected to hold steady at 3.5%, while average hourly wages are forecast to rise 0.4%, or 5.3% on an annualized basis.
Data Effects: Weak number will cause bonds to rally and weakness in the USD $DXY, this will give us a relief rally in stocks that we are expecting.
Technical Analysis: With the SPX getting into oversold territory and a bounce off 3900 major support yesterday, technicals support a continued relief rally today.
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Hope everyone has a green day today!
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