By Nicholas Jasinski
The latest data on the U.S. job market and several major earning reports will be this week's highlights.
On Wednesday, the Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey, or JOLTS. The consensus estimate is for 10.7 million job openings on the last business day of January, which would be a slight decline from December.
On Friday, the BLS releases February jobs data. Economists expect a gain of 215,000 nonfarm payrolls and for the unemployment rate to hold steady at 3.4%. Job growth surprised to the upside in January, with the U.S. economy adding 517,000 payrolls.
Companies reporting this week will include Ciena on Monday, CrowdStrike Holdings and Dick's Sporting Goods on Tuesday, and Brown-Forman and Campbell Soup on Wednesday. JD.com, Oracle, and Ulta Beauty will release results on Thursday.
General Electric will host an investor day on Thursday. Management will discuss expectations and plans for the year ahead and for the upcoming spinoff of GE's power business. Apple will hold its annual shareholders meeting on Friday.
Finally, the Bank of Japan will announce a monetary-policy decision on Friday. The central bank is expected to keep its short-term interest rate unchanged at negative 0.1%.
Monday 3/6
Ciena, Nutanix, and Trip.com report quarterly results.
Merck hosts an investor event in New Orleans to discuss its cardiovascular drug pipeline, in conjunction with the American College of Cardiology and World Heart Federation Expo.
Tuesday 3/7
Casey's General Store, CrowdStrike Holdings, and Dick's Sporting Goods announce earnings.
The Federal Reserve reports consumer credit data for January. In 2022, total consumer debt increased 7.8%, the largest jump since 2001, to a record $4.78 trillion. Nonrevolving credit -- mainly mortgages as well as auto and student loans -- rose 5.6%, while revolving credit -- mostly credit-card debt -- spiked 14.8%.
Wednesday 3/8
ADP releases its National Employment report for February. Economists forecast an increase of 180,000 private-sector jobs, after a rise of 106,000 in January. The leisure and hospitality industry led the way in January.
Brown-Forman, Campbell Soup, and MongoDB release quarterly results.
The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 10.7 million job openings on the last business day of January, slightly less than in December. Job openings remained historically elevated, and there are currently nearly two openings for every unemployed person.
Thursday 3/9
JD.com, Oracle, and Ulta Beauty hold conference calls to discuss earnings.
General Electric hosts an investor meeting to discuss the coming year and the pending spinoff of GE Vernova, which includes GE's Digital, Renewable Energy, and Power business. The spinoff is expected to be completed early next year.
The Federal Reserve releases the Financial Accounts of the U.S., which includes total household net worth data, for the fourth quarter. As of Sept. 30, household net worth totaled $143.3 trillion, about $7 trillion less than the record high reached in the fourth quarter of 2021.
Friday 3/10
Apple holds its annual shareholders meeting in a virtual format.
The Bank of Japan announces its monetary-policy decision. The central bank is expected to keep its short-term interest rate unchanged at negative 0.1%. Haruhiko Kuroda, the governor of the BOJ and architect of its negative interest-rate policy, will retire in April. Incoming Gov. Kazuo Ueda is expected to maintain the BOJ's ultraloose monetary policy.
The BLS releases the jobs report for February. The economy is expected to have added 215,000 nonfarm jobs, following a gain of 517,000 in January. The January data outpaced consensus estimate by more than 300,000. Economists forecast the unemployment rate to remain unchanged at 3.4%, the lowest in more than a half-century.
Write to Nicholas Jasinski at nicholas.jasinski@barrons.com
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March 05, 2023 21:48 ET (02:48 GMT)
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