Investors look to data to confirm robust July job gains
WEEKLY MARKET COMMENTARY |
Investors will likely place renewed emphasis on U.S. economic data after July’s nonfarm payrolls report showed the economy generated 257,000 jobs.
The jobs data stands in sharp contrast with the anemic 1.2 percent rate of overall economic growth in the second quarter, so investors will look to a spate of labor market and spending data to confirm the very strong two-month trend in hiring of 274,500 new jobs. Investors will also be looking to euro-area gross domestic product and the Royal Bank of New Zealand’s rate decision this week