We are likely to see another ugly NFP report on Friday. The early data points ain’t pretty:
Layoffs: Challenger job layoffs surged to 242k in January — the highest level for a month since 2002. The monthly rise was +75k and year over year, the increase in layoffs was 165k.
ADP Report: 522k jobs lost in January, consistent with consensus expectations.
I am looking for another 500k plus job loss (potentially as high as 700k) and unemployment ticking up to 7.8%