All eyes are on this morning’s Non-Farm Payrolls report as this is one of the most important economic indicators and will show whether or not the employment picture is improving here in the US. It is no secret that the jobs picture has been bleak and with official unemployment rates still at 9.6%, less people are contributing to the tax pool which is helping contribute to unsustainable deficits here in the US.
The unemployment picture here in the US should have been the first thing the government tackled, rather than ramming through policies like regulation and Obamacare which have been deemed anti-business. The expectation for today is that the change in NFP will be a gain of 145K and the unemployment rate is expected to stay steady at 9.6%.
Meanwhile in Canada, the unemployment rate unexpectedly declined from 7.9% to 7.6%, though it looks like the participation rate fell as well so this number could be misleading as the net change in jobs added grew less than expected.
In the Euro zone, ECB bond-buying to calm markets has helped push the Euro higher, as has Euro zone retail sales and PMI figures which came in better than expected. In addition, the German Central Bank has forecast increased growth for next year.