Last week was relatively uneventful for U.S. indices, with performance hovering within a 100 basis points range. Despite the lack of market excitement, economic data exceeded expectations, with jobless claims marking their eighth consecutive week of improvement and Q2 GDP figures beating estimates. Fears of recession and deflation that dominated discussions just a month ago have faded, as the market continues to shrug off that narrative. However, the coming week presents another test, with a heavy focus on job market data.
Economic Data for the Coming Week:
This week, markets will be closely watching a range of economic data releases, especially job-related reports. The highlight will be Friday's Non-Farm Payrolls (NFP) numbers, where jobs are expected to come in around 142,000, and the unemployment rate (UER) is projected at roughly 4.2%. This report is particularly significant given the downward revisions to previous prints, leaving investors eager to see whether the job market shows further signs of stabilization or if downward pressure on jobs and an upward tick in the UER persist.
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