US Nonfarm Payroll Data and Tariff Rulings May Impact the Market

Economists predict that the US economy added 73,000 jobs last month, higher than the 64,000 in November, and the unemployment rate is expected to drop from 4.6% to 4.5%. The ADP private sector employment report will be released on Wednesday, but it is generally not considered a reliable leading indicator. In addition, the US Supreme Court may rule on Friday regarding the legality of Trump's global tariffs. Portfolio manager Vincent An stated that the employment report is far more important to the Treasury market than the Venezuela incident, unless the situation in Venezuela leads to sustained oil price volatility and impacts inflation, which the market has not observed so far.