We start the first week of January 2011 with a busy economic calendar which includes the monthly jobs report. Analysts and traders will try to handicap the jobs data from the employment components of the manufacturing and ADP reports that are scheduled for release this week, but as of today the forecast is for a 9.7% unemployment rate vs. 9.8% in November, and job growth of 135,000 vs 39,000 the previous month.
This morning’s report on manufacturing reflected continued growth as the ISM index rose to 57 from 56.6. The strength in the U.S. and European manufacturing reports has pushed stock markets higher and we see Treasuries trading weaker as the holiday weekend hedges are unwound.
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