Thursday's Market Minute: Pivotal Economic Data On Tap Tomorrow

There are some potentially pivotal economic data due at the end of this week, so let’s take a market minute to get ahead of what you should be keeping an eye on!

First, after last week’s disappointing non-farm payrolls release on Friday, traders and investors will be focused on the weekly jobs report due out today. Last week jobless claims came in at 222K a slight uptick from the week prior at 194K but still the lowest number of people claiming joblessness since the start of the pandemic. Wednesday’s JOLTS numbers showed the disconnect between employers that need to fill positions and workers willing to take on those roles remains, coming in at 11M.

The consensus for the report today at 8:30am ET is for 215K.

We also have some key inflation data due out tomorrow. CPI, Consumer Price Index could move markets. Last month we saw inflation on the consumer level to the highest level we’ve seen in 30 years. It spiked gold and raised concerns related to the pace of the Fed’s taper and possibility of a rate hike to come sooner than initially expected. Expectations are for inflationary pressure to remain elevated with the Core CPI Y/Y expected to come in at 4.9%, an uptick from last month’s 4.6%. While Core CPI and CPI month-over-month are both expected to inch lower to 0.7% from 0.9% last month. Oh, and the consumer sentiment data due out Friday will be key as well.

Don’t forget about the WASDE report today if you’re trading grains, and headlines tied to the Omicron variant remain front and center on the minds of traders. In terms of earnings, companies reporting quarterly results today - it’s all about Oracle ORCL and Costco COST.

So as always lots to stay ahead of, and lots of information you crave about the markets you trade!

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