Friday's Market Minute: Ecodata In Focus

This morning it's all about Non-Farm Payrolls, U.S./China trade negotiations, and OPEC’s decision to increase production cuts. Let’s begin with the data scheduled for release this morning at 8:30AM ET, when the Commerce Department will release its monthly breakdown on the U.S. labor market – one of the more closely watched releases of the month.

Expectations are for Non-Farm Payrolls to increase by 186k, whereas last month they reported employment growth at a four-month low of 128k. Expectations are for average hourly earnings to remain at an annual rate of 3.0% and for a slight uptick in the month-over-month earnings to 0.3% from 0.2%. Other reports released today include Consumer Sentiment, Wholesale Trade, and the Baker-Hughes Rig Count. Today’s economic data will help provide insight in terms of the health and well-being of the U.S. economy.

Ahead of the jobs data this morning, tariff concerns are easing on news that China is going to waive retaliatory tariffs on U.S. pork and soy products for Chinese companies. The move is seen as another good faith effort to further trade negotiations and a phase 1 trade deal. And heads up crude oil traders, OPEC announced their decision to go ahead with an increase in production cuts by an additional 500,000 barrels per day through to the end of March 2020. The cuts were larger than expected and are pending approval from non-OPEC allies, primarily Russia.

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