The US is gearing up for a crucial jobs week, with key labor market data set to be released ahead of the monthly employment report on Friday. Forecasters anticipate that job growth in October more than doubled to 65,000, while the unemployment rate is expected to remain steady at 4.2%. This data could reinforce the Federal Reserve's plans for additional interest-rate hikes to combat inflation.
Other labor-market reports, including job openings on Tuesday and weekly jobless claims on Thursday, are expected to show stability. Economists note that while job losses are slowly climbing, there are no signs of mass layoffs yet. Meanwhile, manufacturing figures on Monday and trade data on Wednesday will provide further insights into the US economy.
In Canada, the unemployment rate is expected to remain unchanged at 6.5% in October, following a significant job loss the previous month. The Canadian government will also release its budget on Thursday, aimed at stimulating economic growth amid ongoing trade tensions with the US.
Globally, central banks in the UK, Australia, and Sweden are expected to raise interest rates, while Brazil's post-election central-bank decision and inflation data from Europe will be closely watched. In Asia, South Korea's export data and purchasing manager indexes will highlight factory performance, while New Zealand's jobless and wages data will be released ahead of its national election.