Look Ahead 4/8/23: US jobs report; Canada employment; WPP; Amazon; Apple reaction
Market watchers are expecting another solid US jobs report on Friday despite the rating downgrade. Canada also releases employment numbers. WPP reports and investors react to earnings from Amazon and Apple.
(Video Transcript)
Non-farm payrolls
Hello, I'm Angeline Ong, and this is IGTV. Welcome to your Look Ahead to 4 August 2023, and we kick off with that number that we've been counting down to all week: the key non-farm payrolls figure.
Non-farm payrolls for July will be released at 1.30 UK time, with the US expected to have added 200,000 jobs in July, down from 209,000 in June. The unemployment rate is expected to hold at 3.6%, meanwhile average hourly earnings seen rising 0.3% from 0.4% month-on-month, and 4.3% from 4.4% year-on-year.
Now these figures, looking at the chart here, are key to traders because of the volatility that it could strike, and also they give us more insight into the health of the US economy. I also want to point out that this cross here, there are two sides to the story. I just want to update you on the Bank of England: it as expected raised interest rates by a quarter of a percent to 5 and-a-quarter percent from 5%, so that is in the mix as well.
Unemployed Canadians increasing
From Canada, we've got unemployment numbers for July, it'll be released at 1.30 UK time as well. Unemployment rate there, expected to rise to 5.5% from 5.4%. We've also got PMI numbers for July, expected to fall to 49.7% from 50.2%.
Now in terms of corporate highlights, a very quiet Friday after such a busy week of earnings releases. WPP will be the one to look out for because this stock gives us a broad spectrum of what the global economy is doing and it has its finger in many pies. WPP's quarterly results will be seen as one forward-looking indicator into how the global economy is faring, given everyone's now talking about this potential.
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