01/11/2024 Daily Reports
With the dollar steady but poised for action, markets are fixated on today’s critical U.S. jobs report and a razor-thin election race that could shake up the economy. October saw the dollar’s biggest gain in over a year, driven by renewed confidence in the Fed’s slower rate cuts and a powerful surge in U.S. Treasury yields. Adding to the suspense, Japan hints at future rate hikes, and eurozone inflation races ahead. As key numbers roll in, investors are holding their breath for a week that could set the stage for major shifts in global markets.
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Hurricanes and Strikes Shake Up October Jobs Report Ahead of Tight Election!
Job Growth Slows Sharply: Nonfarm payrolls are expected to add just 113,000 jobs in October, down from 254,000 in September. Hurricanes and strikes in aerospace and hospitality sectors weighed heavily on hiring.
Election-Ready Market: With Americans set to vote next Tuesday, the job report paints a mixed picture of economic strength. Despite a cooling pace, steady job growth and low layoffs reflect stability in the labor market, which may sway undecided voters.
Natural Disasters’ Impact: Hurricanes Helene and Milton caused temporary disruptions, with job losses concentrated in sectors reliant on hourly workers, like retail and hospitality.
Strikes & Unemployment Steady: Strikes by 33,000 Boeing workers and others reduced October payrolls, though these workers remain employed in surveys. Unemployment is expected to hold at 4.1% — a key indicator of stability amid political tensions.
Fed’s Rate Cut Watch: With slowing job growth and moderating inflation, the Federal Reserve is likely to cut rates by 25 basis points next week, setting up the economy for a potentially smoother transition post-election.
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