by danielhanchen
Also important today is the ISM Services Report. Mainly people will be looking for Prices Paid (inflation proxy).
Yikes 517,000 new jobs…….. Citibank interestingly got it right – they predicted 500K or so new jobs.
Average weekly hours went UP to 34.7 hours per week vs 34.3 hours expected.
Earnings +0.3% MoM as expected, but due to rounding 4.4% vs 4.3%.
I’m more worried on wages for Feb/March – Walmart is set to increase wages I think March 2 by 3% for around 340K people. www.reuters.com/business/retail-consumer/walmart-raise-wages-us-workers-2023-01-24/
Leisure and Hospitaility got 128,000 new jobs. Food services got 99,000 new jobs. Health care + 58,000 new jobs. Retail +30,000 new jobs.
On market action – green hey? Bond market is the only market that’s reacting correctly down -4% ish for 10 year, and 10 year TIPS down -6.87%.
Everything else seems like dip buying to me – a BlackRock analyst said how dip buyers are buying now due to FOMO from the January Rally.