I hope everyone had a nice weekend after a turbulent week in markets. With only CPI/PPI ahead, which most people aren’t as focused on, we will mostly look at the NFP and what we can glean from it. In reality, while we got new information, we didn’t get much clarity.
Headline jobs bounced back from the prior month, but the story was mostly the same. Private sector breadth is narrow. One of the leading hiring sectors has been healthcare, and both this and government payrolls were lower by 30k each. Something to think about as possibly there could be upside ahead if they return to the prior pace, or perhaps we’re settling into a new and lower pace.
