Dollar On The Brink, Job Data To Steer The Next Move

Monday, 2 December 2024, 17:00 – ISM Manufacturing PMI (Nov)

Last month, the US economic activity in the manufacturing sector contracted once again, marking the seventh consecutive month of decline and the 23rd contraction in the past 24 months. The Manufacturing PMI dropped to 46.5 percent, down from 47.2 percent in September, reaching its lowest level in 2024. Notably, business activity in the U.S. manufacturing sector continued to contract at an accelerating pace. Looking ahead, November’s data is expected to remain under pressure as headwinds persist, though improvements in key sectors could provide some stabilization.

Wednesday, 4 December 2024, 15:15 – ADP Nonfarm Employment Change (Nov)

The ADP National Employment Report, a vital indicator of non-farm private employment in the United States, revealed a substantial increase for October, according to the latest data. Based on payroll information from approximately 400,000 U.S. businesses, the report showed a gain of 233,000 jobs, significantly exceeding expectations. Looking ahead, ADP employment data is expected to continue rising and recovering further from the impacts of storms in the Southeastern of the US.

Friday, 6 December 2024, 15:30 – Nonfarm Payrolls (Nov)

Last month, job creation in the U.S. slowed to its weakest pace since late 2020, as storms in the Southeast and a major labor impasse adversely affected the employment landscape. The Bureau of Labor Statistics reported on Friday that nonfarm payrolls increased by only 12,000 for the month, a significant drop from September and far below the Dow Jones estimate of 100,000. With an eye to the future, nonfarm payroll data is expected to show a rebound as the effects of last month’s labor disruptions, driven by the hurricane, subside.

Friday, 6 December 2024, 15:30 – Unemployment Rate (Nov)

The U.S. unemployment rate remained unchanged at 4.1% in October 2024, aligning with the three-month low recorded in the prior month and meeting market expectations, despite the disruptions caused by Hurricanes Helene and Milton in late September and early October. Looking forward, the unemployment rate is expected to stabilize at its current level, with potential for a slight decline as the impact of the hurricanes diminishes.