Labor data back in focus

Yes, you heard us right. Tonight, we will usher in yet another string of labour data which will be pivotal to the decision on the upcoming FOMC meeting. 

The majority of the data will roll in at 8.30 pm. Here’s the list of the economic data we will wait eagerly for. 

1. Average Hourly Earnings for YoY and MoM.
2. Nonfarm Payrolls
3. Unemployment Rate

What do we want to expect?

First, we must see a weakening of the labour market. While strong, yesterday’s indication of the job data has been focused on a very narrow industry of gain. 

We aim to see a rise in the unemployment rate to 3.5% as a sign of softening in hiring. 

Likewise, a weaker average hourly earnings bode well for the Fed to ease their concern with the wage-spiral inflation worry. After all, if workers earn less, they tend to reduce their spending with lower disposable income. Fewer money chasing a limited set of goods and services could cool the general price level in the economy. 

So far, inflation has remained fairly stable while sticker and the economy are robust, handling the equity market a goldilocks condition. 

It is 2 June, Friday, 10 am in Singapore and 10 pm in New York. We hope all friends have a prosperous trading day to end the week, and happy holidays to friends in Singapore!

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