US futures are moving higher as the focus shifts to the labor market Via Investing.com
US equity futures opened lower by up 0.1%, while they were up 0.3%.
It remains unchanged, as does the . Meanwhile, the 10-year Treasury yield stands at 3.903% at 18:05 EST (22:05 GMT).
Labor market focus shifts
Investors are looking ahead to an important week in US markets, with high expectations for upcoming labor market data. Last month's labor report fell short of expectations, prompting a sell-off in risk assets that began with the previous day's disappointing ISM Manufacturing PMI.
The numbers of understaffed workers have generated discussions about their cause, with Cyclone Beryl being a key factor. Despite the Bureau of Labor Statistics (BLS) saying that the hurricane, which hit Texas during the survey week of the July employment report, “did not have a noticeable impact” on the employment data, the household survey revealed a different impact.
It revealed that 436,000 people could not work due to bad weather, a record high for the month of July. In addition, 249,000 people were reported to have been laid off temporarily during the same period.
The increase in unemployment is largely due to these layoffs. Market participants are keen to determine whether the July data was indeed influenced by short-term factors.
The Federal Reserve, which closely monitors the labor market, will use this upcoming report to determine the size of the interest rate cut at their next meeting, with the options being either a 25-point (bps) or 50-bps cut.
