Good Morning, Traders!
It is Friday the 5th of May. Alongside employment data, here are some things to be mindful of today.
Sentiment
Construction jobs in the United States are set to become the next casualties of high interest rates, as the housing backlogs that have kept demand for workers steady begin to dwindle.
A bipartisan group of US senators introduced legislation allowing President Biden to sign a tax treaty with Taiwan, addressing a problem that businesses on both sides have identified as a barrier to future investment.
The European Central Bank's newfound status as the standard-bearer of monetary tightening positions President Christine Lagarde for a fight with investors who doubt the eurozone's ability to steer its own course.
Meanwhile, officials are rallying behind Lagarde's declaration that interest rates have a long way to go before reaching their peak.
Docket
8:30 AM ET
US Nonfarm Payrolls - Median Forecast: 182K | Prior: 236K | Range: 265K / 125K
US Unemployment Rate - Median Forecast: 3.6% | Prior: 3.5% | Range: 3.6% / 3.4%
Canadian Employment Change - Median Forecast: 20K | Prior: 34.7K | Range: 82.5K / -1.3K
Canadian Unemployment Rate - Median Forecast: 5.1% | Prior: 5% | Range: 5.1% / 4.9%
3:00 PM ET
US Consumer Credit - Median Forecast: 16.75B | Prior: 15.29B | Range: 62.6B / 12.2B
Speakers
1:00 PM ET
Fed's Bullard speaks to the Economic Club of Minneapolis. Text is not expected however, a Q&A with the audience and media is.
Fed's Cook delivers a commencement address at Michigan State University. Text is expected but no Q&A
Good Luck!
