It’s a big week ahead for the US economy, and it’s all about the US Labour market this week, with much-anticipated data being released.
Looking at the past week, the S&P 500 found itself hitting a new low for this year, closing in at a level of 3640.47 or a 2.1% drop. A significant influence on this would have been Apple, which saw the FAANG favorite stock fall by 4.9% at the end of the business.
In the week ahead, market participants zone in on US jobs with data being released on the JOLTS, ADP Nonfarm Employment, and showstopper at the end of the week Non-Farm Payrolls (NFP) in America. NFP’s are an economic indicator related to the employment situation in the US, and in recent months jobless data has been dropping. The same goes for September, as there has been a drop of 16,000 to 193,000, a sign that the US labor market remains highly resilient. This, however, should be a positive for equities despite the S&P still dropping due to a myriad of factors, such as inflation and high-interest rates.
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