Long-dated Treasury yields edged higher early Thursday as investors awaited weekly data on U.S. jobless claims and policy decisions from the Bank of England...
Long-dated Treasury yields edged higher early Thursday as investors awaited weekly data on U.S. jobless claims and tuned into policy decisions from the Bank of England and European Central Bank.
Automatic Data Processing on Wednesday surprised investors by reporting that private-sector payrolls fell 301,000 in January, likely taking a hit from the spread of the omicron variant of the coronavirus last month. While the ADP data has a shaky record when it comes to tracking the official jobs figures, the reading underlined the potential for a weak or even negative reading on Friday. Economists expect January nonfarm payrolls to show a rise of 150,000.
Investors will also be paying attention to fourth-quarter productivity and unit-labor cost data, also due at 8:30 a.m. The Institute for Supply Management’s January services index is set for release at 10 a.m. Eastern, when investors will also see data on December factory orders. The Bank of England, as expected, delivered a second rate increase at the conclusion of its policy meeting Thursday. The European Central Bank is expected to hold steady later in the session, but ECB President Christine Lagarde’s news conference will be closely watched after hotter-than-expected inflation data on Wednesday saw traders raise expectations for a rate increase by the end of the year.
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