Here's the Most Important Employment Data Point of the Week
A lot of numbers are coming out.
ADP reported a net jobs gain of 102,000 for the month of June.
Investors are watchful to see where the unemployment rate moves to (currently at 3.6%).
On Friday, the government data for all of these numbers will come out.
TheStreet spoke with Bankrate.com's Senior Economic Analyst Mark Hamrick, who broke down what the most important data point out Friday will be.
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He continued: "So far this year, of the five reports we've had, we've had two reports that have come in below 100,000 jobs added.
And the latest reading from ADP does not give much encouragement with respect to an upside surprise.
Quite the contrary.
With the expectation being that we'll see around 150,000 jobs added, I think that there is a good reason to believe we'll have a downside surprise from the labor department." This could mean the Federal Reserve will cut interest rates, which may certainly be why stocks were rallying Wednesday, with the S&P 500 rallying 0.42%, the Dow Jones Industrial Average rallying 0.29% and the Nasdaq up 0.45%.
Not surprisingly, the 10 year treasury yield was falling to 1.95%.
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