The week ahead should provide plenty of evidence of a continued heating up of the U.S. economy. The ISM and Markit surveys on Services activity should remain at strong levels while International Trade data, due out on Friday, could add to evidence of roughly 5% real GDP growth in the second quarter. Payroll Employment, also due out on Friday, should show a healthy, roughly 200,000 job gain with the Unemployment Rate potentially falling to a fresh 48-year low of 3.7%. Meanwhile, the Average Hourly Earnings of production and non-supervisory workers could accelerate to growth of 2.9% year-over-year, suggesting that the labor shortage is finally putting some upward pressure on wages.
November 29, 2021
JP Morgan Asset Management
Financial markets tumbled last week as reports spread of a new, highly-mutated variant of Covid-19 which could be more contagious than the Delta variant and which could evade some…