Wall Street Looking Beyond EU This Week To U.S. Unemployment

MAKE MONEY BLOG$~Europe is always surprising, but this week Europe may prove to be quiet. At least compared to previous weeks. 

The European Central Bank and the Bank of England are likely to announce more monetary policy easing in the next three days.  Weak PMI survey data is expected on Monday from the eurozone and the U.K.

From the Wall Street point of view, this week will be short-lived, with the U.S. Independence Day holiday on Wednesday and most people taking the rest of the week off.

However, the data everyone will be watching closely is likely to come from the U.S. Bureau of Labor Statistics.

On Friday, the U.S. will release unemployment data and investors are hoping for signs that the charts have bottomed out. Job growth has slowed steadily since March, reminding investors, and job seekers, that recoveries typically evolve in fits and starts and that business and consumer confidence remain fragile as a result of that weak labor market. The escalation of the sovereign debt crisis in Europe and the looming “fiscal cliff” here are likely to weigh further on hiring decisions in the coming quarters, so that should keep the pressure on unemployment levels to stay put.

On Sunday evening, Nomura Securities analysts in New York, led by Ellen Zentner, forecast total nonfarm payrolls increasing by 80,000 in June (90,000 private), but with the unemployment rate holding steady at 8.2%.

source: forbes.com

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Posted in: Bank of England,European Central Bank,Wall Street