A Busy Day Of Data

We've been warning you that the back half of this week was going to be busy and volatile and today has not disappointed. What's nice is that the combined reaction in the PMs has been positive and that serves as just another sign that the lows are in and that the trend has shifted.

Let's start with the ADP jobs report. It eeked out a 120,000 job gain but that was only due to "hospitality workers" growing by 244,000. ZH called the report "disastrous" and it clearly foreshadows the sharply contracting jobs market of 2023, caused by The Fed overtightening and driving the US economy...

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Key Economic Events Week of 9/25

9/26 8:30 ET New Home Sales
9/26 9:00 ET Case-Shiller home prices
9/26 10:00 ET Consumer Confidence
9/26 1:30 ET Goon Bowman
9/27 8:30 ET Durable Goods
9/28 8:30 ET Q2 GDP final guess
9/28 1:00 ET Goon Cook
9/28 4:00 ET Chief Goon Powell
9/29 8:30 ET PCE and Core PCE
9/29 8:30 ET Personal Inc and Spend
9/29 10:00 ET UMich sentiment

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