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Message: [QUOTE="Daniel LQDFX, post: 225665, member: 107699"] [HEADING=1] [Right]03 November 2023[/Right][/HEADING] [Right]Friday[/Right] [Heading=2]Keep an eye on your calendars for Friday, November 3, 2023, as it's slated to bring a series of high-impact announcements from both Canada and the United States. Canada will reveal its crucial Employment Change data along with the Unemployment Rate, shedding light on the labor market's health. Meanwhile, south of the border, the US is set to disclose significant economic indicators, including Average Hourly Earnings m/m, Non-Farm Employment Change, the Unemployment Rate, and the ISM Services Purchasing Managers' Index (PMI). These releases are poised to draw attention from markets and analysts, potentially influencing investment decisions and market trends. Stay tuned for the latest updates and analysis on these pivotal announcements.[/Heading] [B][U][Center]CAD - Employment Change[/Center][/U][/B] The creation of jobs serves as a vital leading indicator for consumer spending, which constitutes a significant portion of the overall economic activity. In September 2023, Canada's job market saw a substantial increase of 63.8K jobs, the highest surge in eight months and surpassing expectations of a 20K rise. Job gains were particularly notable in educational services (+66,000) and transportation & warehousing (+19,000). However, certain sectors such as finance, insurance, real estate, rental & leasing (-20,000), construction (-18,000), and information, culture & recreation (-12,000) experienced decreases in employment. Both part-time (+48,000) and full-time (+15,800) positions saw growth. Job expansion extended across six provinces, with Quebec (+39,000) and British Columbia (+26,000) leading the way, while Alberta (-38,000) and New Brunswick (-2,700) witnessed declines. The unemployment rate remained steady at 5.5%, unchanged for the third consecutive month, marking the highest level since January 2022. [B]TL;DR[/B] [ATTACH type="full"]25823[/ATTACH] The upcoming Employment Change data is scheduled for release on Friday, November 3, 2023, at 12:30 PM GMT+1. The forecast for Canadian Employment Change is reading a decreased 14,000 thousand. Last time, the Employment Change was announced on the 6th of October, 2023. You may find the market reaction graph (GBPCAD M1) below: [ATTACH type="full"]25814[/ATTACH] [B][U][Center]CAD - Unemployment Rate[/Center][/U][/B] While typically considered a lagging indicator, the unemployment rate remains a crucial signal of overall economic well-being due to its strong correlation with consumer spending and labor-market conditions. In August 2023, Canada's unemployment rate remained stable at 5.5%, slightly below the estimated 5.6%. Although there was a slight increase in joblessness, it stayed lower than pre-pandemic levels. The economy added 63.8K jobs, significantly surpassing the expected 20K. Unemployment increased for core-aged men, while it remained stable for core-aged women. Youth unemployment has shown little change since May. The forthcoming Unemployment Rate data is set for release on Friday, November 3, 2023, at 12:30 PM GMT+1. The forecast for the Canadian Unemployment Rate is reading an unchanged 5.5%. Last time, the Unemployment Change was announced on the 6th of October, 2023. You may find the market reaction graph (GBPCAD M1) below: [ATTACH type="full"]25815[/ATTACH] [B][U][Center]USD - Average Hourly Earnings m/m[/Center][/U][/B] This metric holds the distinction of being a precursor to consumer inflation. The pattern becomes evident as businesses increase labor expenses, with the resultant higher costs typically being transferred to consumers. In September 2023, average hourly earnings for all employees in the US private nonfarm payrolls increased by 7 cents, equivalent to a 0.2% rise, matching the previous month's pace and slightly below market expectations of a 0.3% increase. During the same period, average hourly earnings for private-sector production and nonsupervisory employees saw a 6-cent, or 0.2%, increase, reaching $29.06. Over the past year, average hourly earnings have grown by 4.2%, marking the slowest growth rate since June 2021 and falling below market projections of a 4.3% increase. [B]TL;DR[/B] [ATTACH type="full"]25824[/ATTACH] The upcoming Average Hourly Earnings m/m data is scheduled for release on Friday, November 3, 2023, at 12:30 PM GMT+1. The forecast for Average Hourly Earnings m/m suggests a marginal uptick from 0.2% to 0.3%. [B][U][Center]USD - Non-Farm Employment Change[/Center][/U][/B] Traders closely monitor Average Hourly Earnings month-on-month (m/m) as it serves as a key indicator of consumer inflation. When businesses raise labor costs, these additional expenses are frequently passed on to consumers, influencing overall inflation. In September 2023, US nonfarm payrolls surged by 336K, surpassing market expectations of 170K and marking the strongest job gain in eight months. This robust performance, well above the 70K-100K needed for population growth, indicates a resilient labor market despite the Federal Reserve's tightening measures. Job gains were notable in leisure and hospitality, government, health care, professional services, and social assistance sectors. Other major industries saw little change in employment levels. [B]TL;DR[/B] [ATTACH type="full"]25825[/ATTACH] The forthcoming Non-Farm Employment Change data is scheduled for release on Friday, November 3, 2023, at 12:30 PM GMT+1. The forecast for Non-Farm Payrolls suggests a decrease from 336,000 to 172,000. Last time, the Non-Farm Employment Change was announced on the 6th of October, 2023. You may find the market reaction graph (AUDUSD M1) below: [ATTACH type="full"]25819[/ATTACH] [B][U][Center]USD - Unemployment Rate[/Center][/U][/B] Although it is frequently viewed as a lagging indicator, the unemployment rate retains its significance as a crucial measure of economic well-being. This is primarily due to its strong connection with consumer spending and its impact on decisions regarding monetary policy. In September 2023, the US unemployment rate remained unchanged at 3.8%, slightly exceeding expectations of 3.7%. Nonetheless, it indicated a historically tight labor market. This stability provides the Federal Reserve with flexibility to sustain higher borrowing costs for an extended duration. Furthermore, the U-6 unemployment rate, encompassing discouraged workers and part-timers, decreased to 7%, while the labor force participation rate held steady at 62.8%, marking the highest level since February 2020. [B]TL;DR[/B] [ATTACH type="full"]25826[/ATTACH] The Unemployment Rate is scheduled for release on Friday, November 3, 2023, at 12:30 PM GMT+1. The forecast for the unemployment rate remains consistent at 3.8%, in line with the previous figure. Last time, the Unemployment Rate was announced on the 6th of October, 2023. You may find the market reaction graph (AUDUSD M1) below: [ATTACH type="full"]25821[/ATTACH] [B][U][Center]USD - ISM Services PMI[/Center][/U][/B] ISM Services PMI serves as a leading gauge of economic well-being as businesses respond swiftly to market conditions. Purchasing managers, with their up-to-the-minute insights, offer one of the most relevant perspectives on a company's economic outlook In September, the U.S. services sector maintained its expansion for the ninth consecutive month, registering a Services PMI reading of 53.6%, albeit slightly lower than August's 54.5%. Over the past 40 months, this sector has witnessed growth in 39 of them, with only a single contraction recorded in December 2022. Notable highlights include a rise in the Business Activity Index to 58.8% and the Supplier Deliveries Index entering expansion territory at 50.4%. The Prices Index held steady at 58.9%, and the Inventory Sentiment Index expanded for the fifth consecutive month. Thirteen industries reported growth, with Real Estate, Rental & Leasing leading the pack. Despite a slight moderation in the growth rate, the services sector maintains a positive outlook, albeit with some concerns regarding potential challenges on the horizon. [B]TL;DR[/B] [ATTACH type="full"]25827[/ATTACH] The upcoming ISM Services PMI is scheduled for release on Friday, November 3, 2023, at 2:00 PM GMT+1. The forecast for the ISM Services PMI suggests a minor uptick from 53.6 to 53.7. Last time, the ISM Services PMI was announced on the 4th of October, 2023. You may find the market reaction graph (EURUSD M1) below: [ATTACH type="full"]25828[/ATTACH] [HR][/HR] [I]Disclaimer: The market news provided herein is for informational purposes only and should not be considered as trading advice.[/I] [/QUOTE]

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