US labor market data is expected to print strong. Which is a bad thing for markets as good news is bad news these days. Let’s go over the data before giving our thoughts on markets. Consensus expects headline payrolls to print strong at 298k. For what it’s worth, the YTD average monthly increase in payrolls is 488k. Furthermore, to keep employment steady, and for GDP to grow in line with its potential rate, payrolls gains of roughly 100k suffice. Put differently, headline payrolls are expected to once again print hot.


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