Despite the recent government shutdown, the trade war and the building perception of a pending recession by many analysts, the job market continues to push forward. Economists on Wall Street expect private sector payroll additions of 174,000 for January, while the ADP report shows a robust 213,000 new jobs for the private sector.
A similar number is expected tomorrow when the Bureau of Labor releases their numbers for January. Current forecasts report an increase of 168,000 new jobs and an unchanged unemployment rate at 3.9%
A strong report could be a positive sign for markets as it indicates underlying job market strength despite what many pundits would have you believe. As long as companies continue to hire, the economy will continue to expand. While the economy may be slowing slightly due to seasonality and the partial shutdown, the job market remains strong.
The Fed has already signaled they intend to take a conservative approach to rate hikes, news that resounded positively with US markets. Riding that tailwind, an encouraging jobs report could swiftly move markets higher. The final hurdle for bulls is the trade war with China which also may be coming to an end with the Chinese delegation in Washington this week for meetings with the President.
All in all, this jobs report will likely serve as another cog in the wheel of this historic bull run.
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