US Jobs Report Is Behind Us, What Is Next?

US Jobs Report Is Behind Us, What Is Next?

US Nonfarm Payrolls showed huge moves last week. The US  economy produced a gain of 4.8 million jobs, beating the estimate of 3.03 million. The unemployment rate fell to 11.1%, down from 13.3% beforehand. At the same time wage growth remains an area of concern, as wages continue to fall. The US economy has shown signs of recovery, with gains in the past two releases.

On the other hand, WHO official Mike Ryan said on Friday that no vaccine is far enough along that there will be a signal of efficacy. He expects interim results from the solidarity trial of COVID-19 therapeutics within the next two weeks. He added that It's difficult to have a vaccine this calendar year. 

Coronavirus outbreak continues to threaten Global Economics More than three dozen U.S. states have seen increases in Covid-19 cases rapidly as of last week. The U.S.  accounts for around a quarter of the 10.8 million coronavirus cases recorded worldwide.

In the Eurozone, the PMI numbers have shown steady improvement last week, after being hammered in the first quarter by the coronavirus outbreak.

In the upcoming week, Watch out for US Producer Price Index on Friday. The US PPI is predicted to come out at -0.2% year-on-year basis. While the Core PPI inflation is expected to rise to 0.4% from 0.3%. A higher than expected reading should be taken as positive for the US Dollar.

Besides the Producer Price Index,  this week's calendar also features U.S. data on JOLTs Job Openings, Initial Jobless Claims, and Crude Oil Inventories as well as ISM Non-Manufacturing PMI.

If we check the calendar for Eurozone, pay attention to the German Trade Balance, Imports, and Exports numbers on Thursday. 

06 Jul 20 (Mon)

06:01 am



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