After a disappointing jobs report number on Friday, what’s next for the markets?
The big data point last week was Friday’s jobs report and the 235,000 jobs added were well short of market expectations. Employment continues to be disappointing overall, and we’ll see if back to school changes that by allowing more people to enter the workforce.
We’ll also see what effect the ending of the enhanced unemployment benefits may have as well. This jobs report most likely pushed the Fed’s taper into the fourth quarter, taking any announcement this month off the table. Wage growth was north of 4% year-over-year which could explain the move higher in interest rates following this disappointing report.
For the week ahead, it’s a relatively slow week for economic data. On Wednesday, we get a look at the number of job openings, which are currently sitting at a record high of over 10 million jobs available, and on Friday, we get some inflation data with the Producer Price Index. Let’s see what effect if any, these data points have on interest rates and if the 10-year Treasury yield continues its grind higher.
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