The number: Back above 400K, and just a bit worse than expectations.
There’s been a tiny bit of selling on the equities front, but nothing too huge.
There’s just not that much to read into here.
Background: This is just a tiny appetizer ahead for folks hungry for labour-market data, as it comes one day ahead of the big December jobs report tomorrow.
Last week we had a sub 400K reading for the first time in ages. Today the number is expected to hit 405K.
As always, this particular number is volatile, and unless it’s a huge miss in some direction it may not move the market much. But coming after yesterday’s blistering ADP report, the optimism is definitely building.