Investors are closely watching the nonfarm payrolls report due out Friday, but not for the usual reasons.
Wall Street forecasters were split on which way the surprise might come, with most around the consensus. Citigroup, for instance, is looking for a gain of 265,000, while Nomura expects 285,000.For investors, the focus will be keen on what wages are saying about the state of the labor market.
Policymakers essentially are looking for Goldilocks — trying to find monetary policy that is restrictive enough to bring down prices while not so tight that it drags the economy into a steep recession. "I want Americans to earn more money. I want families to have more money to put food on the table. But it's got to be consistent with a stable economy, an economy of 2% growth" in inflation, Minneapolis Fed President Neel Kashkari said Thursday during a Q&A session at a conference."Wage growth is higher than you would expect for an economy delivering 2% inflation. So that gives me some concern.
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