2023 is going to be GREAT (here’s why)

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Stocks Closed Lower, All Eyes On Today's Employment Report

	Profit from the Pros By Kevin Matras Executive Vice President
	Stocks Closed Lower, All Eyes On Today's Employment Report Image: Bigstock Stocks closed lower yesterday ahead of this morning's jobs report. Yesterday's hotter than expected ADP Employment Report showed 235,000 new jobs were created in December vs. the consensus for 145,000. Moreover, November was upwardly revised from 127K to 182K. On the surface, that's good news. But the hotter jobs market and subsequent wage inflation (which the Fed has made numerous mentions of), suggested the potential for a more hawkish Fed rather than dovish. Additionally, the better than expected Weekly Jobless Claims underscores the persistently tight labor market. New claims fell by -19,000 to 204,00 vs. views for 225,000. The Challenger Job-Cut Report also showed improvement with 'just' 43,651 job cuts in December vs. November's 76,835. The jobs report everybody is really waiting for, however, is this morning's Employment Situation Report. The consensus is calling for 200,000 new jobs (175,000 in the private sector and 25,000 in the public), with the unemployment rate staying the same at 3.7%. All eyes will be on this morning's report. Additionally, we'll get the ISM Services Index report, and the Factory Orders report. It's been a volatile week so far to start the new year. Hopefully, the markets can regroup and snap back today. A little bit of good news could do it. And we don't need much to end the first week of the year in the green. But even if we don't, there's 51 more weeks to go. Meantime, let's see what the jobs report looks like. Best, Kevin Matras Executive Vice President, Zacks Investment Research
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