tl;dr
Key US economic data, including the ISM Manufacturing index, JOLTS Job Openings, ADP National Employment Report, initial jobless claims, and the US Employment Report, are set to be released. The data will provide insights into the health of the US economy and its impact on the markets. Traders may a...
Crypto markets are closely monitoring key US economic data this week to assess the health of the nation’s economy. As the year-end approaches, critical labor market reports — closely watched by the Federal Reserve—are on the calendar.
Given the potential impact on portfolios, traders may adjust their strategies around these upcoming events. The reports will influence market attention and potentially impact the performance of Bitcoin and other cryptocurrencies.
ISM MANUFACTURING
The Institute of Supply Management (ISM) will release the November ISM Manufacturing data on Monday, December 2, marking the first business day of the month. This index, also called the purchasing managers’ index (PMI), offers a monthly snapshot of US economic activity.
It is derived from a survey of purchasing managers at manufacturing firms across the country and is widely viewed as a critical gauge of the US economy’s health.
The Euro fell to a 23-month low of $1.0336. Market attention will now turn to the US, where the previous ISM manufacturing index was 46.5, with a consensus forecast of 47.5 for November.
JOLTS JOB OPENINGS
On Tuesday, December 3, the US Bureau of Labor Statistics (BLS) will release the Job Openings and Labor Turnover Survey (JOLTS) for October. The publication will provide data about the change in the number of job openings in October as well as the number of layoffs and quits.
The data provide valuable insights regarding the supply-demand dynamics in the labor market, a key factor affecting salaries and inflation.
NONFARM PAYROLLS (ADP PRIVATE)
Markets will also be watching for the ADP National Employment Report on Wednesday, December 4, as one of the most important US economic data this week. Otherwise termed nonfarm payrolls, this data will reveal the number of jobs in the private sector and government agencies in November.
INITIAL JOBLESS CLAIMS
On Thursday, December 5, the weekly jobless claims will also shed light on the health of the US labor market. The previous initial jobless claims data came in at 213,000 for the week ending November 23.
US EMPLOYMENT REPORT
The November employment report is due on Friday, December 6. It is expected to sum up US economic data on the labor market for the last month. Economists expect November’s employment report will show payrolls rose by more than 250,000.