Typically, the weekly jobless claims numbers may not have too much of an impact on markets. But today might be a little different. We've just had a slew of bad economic data from the PMI figures yesterday and if there are any signs that the hit is starting to affect the labour market, that will give traders something to work with later today.
For now, we are seeing labour market hold up and it isn't anything that policymakers cannot handle. It is expected that conditions will ease considering tighter financial conditions but the worry here is that eventually this will evolve into something worse and they can't stick a soft landing in due course.
It is early days but eventually, economic data will grow to be even more important than it already is right now. As the realisation of a more noticeable economic slowdown hits, one of the key spots to watch on how severe it could be is in the jobs data.
While today's weekly jobless claims may come to not matter as investors are distracted by the Nvidia hype, all it takes is one reading that stands out eventually and everyone will have to start paying attention.
