The Federal Reserve Met Ahead of Friday’s Job Figures Report

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Markets are still watching the Federal Reserve, which has been meeting since Wednesday, awaiting the results of the presidential election. Markets are not waiting for announcements of further easing steps in the face of the Covid-19 crisis at this stage, but the central bank could signal that it is willing, if necessary, to improve its support for the economy.



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If the economic recovery in the United States continues to be reasonably solid this autumn, the return of the coronavirus epidemic and the end of the fiscal support measures put in place since March could lead to shortness of breath, especially since the introduction of a new aid plan has not been possible to date due to a lack of bipartisan consensus in the US Congress.

US jobs figures for the month of October are eagerly anticipated by investors, which will be published on Friday. The consensus is focused on the creation of 600,000 non-agricultural jobs and a 7.7% unemployment rate. The ADP private sector survey on Wednesday recorded 365,000 jobs generated in the private sector last month, was disappointing pending the official estimate, while the consensus stood at 650,000.

Published on Thursday, weekly unemployment registrations dropped less than expected, to 751,000, down just 7,000 from the previous week, although consensus stood at 735,000. The average of four weeks is 787,000, down 4,000, but it remains much higher than it had been before the coronavirus crisis.

The latest study by Challenger, published on Thursday, showed 80,666 job cut announcements in October from U.S. firms, significantly down from September figures of 118,804 job cuts. Finally, after a rise of 10.1 percent over the previous quarter, non-agricultural productivity increased 4.9 percent in Q3 against a consensus of +5 percent. In Q3, unit labor costs decreased 8.9 percent.

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