US: Employment data awaited – BBH
Analysts at BBH point out that the US reports the November jobs data today and it often is among the most important high frequency economic reports.
“Barring a significant surprise, the market's focus is elsewhere. That said, within the jobs report, the hourly earnings may be the most important. It is expected to rise 0.3% and lift the year-over-year rate to 2.7%. Investors are very confident the Fed will raise rates next week.”
“Late yesterday, Congress extended the spending authorization until December 22. This prevents a government shutdown that could have taken place beginning tomorrow. Kicking the can down the road for such a short period was done to get the tax bill passed. If it is not passed by then, and we are somewhat skeptical that it will be, the "continuing resolution" can extend the spending authority further. The Treasury Department has said it will begin the now usual measures to operate within the debt ceiling.”