Upcoming Jobs Report the Week Ending 10/7/2022

Tom Gentile

Posted in
Daily Report

By: Tom Gentile
October 6th, 2022

2 mins read

Tomorrow, Friday October 7 we get the US Non-Farm Payroll numbers, aka the ‘Jobs Report’.

Investors are eagerly awaiting this announcement as it will help ascertain what the Fed’s future course of action will be regarding interest rates.

Here is some data that has come out thus far this week. Wednesday there was data from ADP showing the labor market was still strong among private companies for the month of September. The data showed businesses added 208,000 jobs. That number was a beat of what Wall Street was expecting.

Today, jobless claims were higher than expected, which could be a signal there could be some labor market weakness.

If the jobs landscape is one where things are reported low for September, there is expectations of wage growth are they will remain the same, which may keep the Fed from making a pivot on their interest rate stance.

Market Sector Outlook going into Tomorrow’s Jobs Report

Figure 1: www.sectorsdpr.com Sector Tracker
Figure 1: www.sectorsdpr.com Sector Tracker

Taking a quick look at the markets today, we see things are mostly trading down, which for the week shows things are in a stall as equities haven’t taken back any of the gains to start the week, (Monday and Tuesdays pop).

The sector leading things in a bullish fashion is the Energy/oil sector.

USO, which is the ETF I track and use to analyze this corner of the market is trading higher on the day while other corners/sectors are not.

If you are looking for a market that is holding up and may continue to do so as you are more comfortable in looking to trade options in a bullish fashion versus bearish, securities that make up the XLE may be at least a starting point.

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