Pay Attention To U.S. Nonfarm Payrolls Today 08 January 2021

Focus on US Non-Farm Payrolls today! The US Jobs Report will be released at 13:30 p.m. (GMT). 08 January 2021 Friday

Why Is This Important?

The Non-Farm Payrolls track the change in the number of people employed by the US in manufacturing, construction, and goods companies. It does not include farming industry employment. The US Jobs Report is so important for the upcoming Fed decisions.

In the US, Democrats won effective control of the Senate this week, giving President-elect Joe Biden scope to push through more spending, which might be negative for bonds and the dollar.

Yesterday, as jobless claims saw a smaller increase on the week than anticipated, clocking in at 781K rather than 800K this encouraged hopes of stabilization within the US labour market.

US Nonfarm Payrolls are expected to ease 100K in December from 245K. The Unemployment Rate is expected to rise to 6.8% from 6.7%. Average hourly earnings are expected to come out 4.4%, year on year basis.

In addition to the US Jobs Report, pay attention to Canada Unemployment Rate. The Unemployment Rate is expected to rise to 8.6% in December from 8.5%