Get ready. At 8:30 one of the most important jobs reports of the year will hit.Officially, the expectation is for ZERO net jobs added, and Goldman is expecting a loss of 50k, according to Calculated Risk.
The unemployment rate is expected to remain steady at 9.7%.
But there are a few reasons this matters.
First, the November Fed meeting. This number could make the QEII decision a lot easier, and as such, we may get a floor below the market, even in the event of a bad number.
Then, of course, there’s politics. Obama is desperate for a good econ number.
And then beyond that, there’s just the general read this will give us on the economy. We clearly had a weak patch in late July/August, but September numbers have been a bit firmer. A good number would certainly help strengthen that trend.