Key Points:
– ADP’s private sector jobs data, which surpassed expectations last month, will be closely watched for signs of inflation.
– Jobs data will be a highlight of the economic calendar this week, with investors looking for signs of a cooling employment market and slowing growth.
– Recent reports on productivity and consumer spending have been encouraging, with Personal Consumption Expenditures lower than expected.
– Other releases this week include job openings and labor turnover, manufacturing index, and initial jobless claims.
– Amazon and Apple will also be reporting their latest earnings, which could impact major equity indexes.
Hot Take:
The upcoming jobs data, as well as the earnings reports from Amazon and Apple, will be closely watched by investors. If the jobs data shows a cooling employment market and slower growth, it could suggest that inflation is waning, which could buoy risk-on asset markets. However, cryptos have been largely unaffected by macroeconomic events. The earnings reports from Amazon and Apple could also impact major equity indexes, but the decoupling of cryptos from tech stocks may limit their influence. Overall, it will be an important week for investors to monitor these key indicators.
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