"2024 Market Kickoff: Jobs Report, Dow Futures, and Key Data to Watch"

The weekly market outlook highlights key economic data releases from January 2-5, including manufacturing and services PMI reports from China, the US, and the Eurozone, as well as labor market statistics such as the US NFP, job openings, and jobless claims. The US ISM Manufacturing PMI is expected to show continued contraction, while job openings are anticipated to be slightly higher than previous figures. The US ADP report may provide insights into the labor market, despite its limited predictive power for the NFP. Initial jobless claims are expected to remain low, indicating few layoffs, but continuing claims suggest a tougher job market for those already laid off. The Eurozone CPI is expected to show a slight increase, with the ECB pushing back against market expectations for rate cuts. Canadian job data is projected to show a small increase in jobs and a slight rise in unemployment. The US NFP is expected to show a decrease in jobs added and a slight uptick in unemployment, with average hourly earnings growth cooling. The US ISM Services PMI is expected to remain resilient, reflecting the sector's lower sensitivity to rate hikes.