It has been ten months in a row that US non-farm payrolls have beaten estimates | Forexlive
Here’s a look at how the last ten months of the data looks like:
You have to go back all the way to March data last year to the last time that the non-farm payrolls figure missed on estimates.
The estimate this time around is for a +205K reading for the month of February, which will reflect a drop from January’s figure of +517K (before any revision).
The stakes are high for this one, especially considering how Fed chair Powell has basically pushed the thought of any firm guidance towards the upcoming data. This will be the first big landmine before we get to the next one in the form of next week’s consumer inflation report.
As much as broader markets might be distracted by the whole saga involving SVB since yesterday, let’s not forget that the jobs report today will play an immense role in market pricing ahead of the FOMC meeting later this month.
In that sense, for global markets, this is still a massive economic release to watch out for – even more so considering the kind of build up we are seeing in the past week.