According to ADP, private sector jobs added 237K new jobs in August which surpassed economists’ expectations of 185K.
August’s non-farm payroll report is due on Friday, September 1st, with expectations of 180K new additions. Historically, economists have been timid in their August expectations, however with a strong showing in the private sector, this month’s non-farm prediction could be undervalued.
Unemployment is expected to dip to another 16-year low of 4.2%.
As the labor pool continues to dry up, employers are facing ever-challenging circumstances in finding qualified candidates to fill vacancies. Such conditions have spurred some industries to inflate wages and most experts suggest the annual 2.5% wage increase will rise in the coming months.
With the economy churning at “full-employment” & expected wages on the rise, it reaffirms the Feds’ plans to adjust interest rates accordingly. According to the CMEGroup Fed Watch Tool, the current probability for a 100 – 125 bps rate hike announcement during September’s FOMC meeting is sitting at 97%.
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