ES Mini’s are trading higher afterahead of the release of key U.S. jobs data, which markets use to gauge the health of consumer spending in the world’s largest economy in the run-up to the year-end holiday season.
The economic calendar is light today but includes the big report that traders have been gearing up for all week: the Employment Situation Report.
The release of the Jobs Report is scheduled for 8:30 a.m. ET. The two components tracked most closely will be payrolls, expected to come in at -175,000, and the headline unemployment percentage number, which is forecast to rise to 9.9 percent.
A larger drop in payrolls than forecast, and especially closer to the last report at -263,000, would be bearish; a smaller negative number would be bullish. The headline unemployment rate would be bullish if it comes in at 9.8 percent–the value of the last report–or lower.
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