There is about a 33% chance that the FOMC will raise rates at this month’s meeting. That’s the highest probability we’ve seen since the start of 2016. Tomorrow’s Jobs Report will go a long way in determining if that really happens or not. Several Fed Governors are calling for the hike and even Janet Yellen was convincingly hawkish in her remarks in Jackson Hole last weekend (chalk it up to the fresh air and abundant wild life?). We’ll see tomorrow. And right about the time that the closing bell rings today, we’ll get the report on yearly Automotive Sales, which has steadily increased for the last five years. It’s not considered a market mover but it’s one of my favorite because I like cars.
Ahead of the Jobs Report we have a few hints into the employment picture: Challenger, Gray & Christmas show that Job Cuts fell 29% over the last 12 months, ADP shows a 9% decline in hiring from last month, and Jobless Claims are up 1% just this week.