All Eyes On This Morning's Employment Report

Plus 5 New Strong Buys for Today All Eyes On This Morning's Employment Report [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President All Eyes On This Morning's Employment Report [All Eyes On This Morning's Employment Report]Image: Bigstock Stocks closed lower yesterday ahead of this morning's employment data. Yesterday's employment numbers were promising. Weekly Jobless Claims came in better than expected with a -20,000 decline in new claims to come in at 385K vs. views for 400K. It was the best/lowest reading since the pandemic began. The ADP Employment Report also beat expectations with an estimated of 978,000 new private payroll jobs being created last month vs. expectations for 'just' 650K. But the jobs report everybody is waiting for is this morning's Employment Situation Report. Last month we saw a sharp miss with a reported 266,000 new jobs vs. the consensus for 998,000. Many attributed that lower reading to a seasonal adjustment since the unadjusted number showed more than 1 million new jobs gained. It's also believed that the numbers were being held down because the unemployment benefits for some paid more than actually going back to work. Since then, several states have made adjustments to that program (and more are in the process of doing so), to incentivize people to get back to work. With more job openings than there are people to fill them, we should be seeing robust job gains. So all eyes will be on this morning's report. The expectations are for 645,000 new jobs (600,000 in the private sector and 45,000 in the public). The unemployment rate is expected to tick down from 6.1% to 5.9%. And the participation rate is expected to tick up from 61.7% to 61.8%. If the ADP report is any indication, we could be looking at a nice upside surprise. We shall soon see. We will also get the Factory Orders report this morning as well. The market is within striking distance of closing up for the week. Actually, the large-cap Dow, and the small-cap Russell 2000 are already up for the week. The S&P needs another 0.27%, while the Nasdaq needs 1.15%. So it won't take much to put them over the top. Quite frankly, with all of the major indexes near their all-time highs, it won't take much more to see them breakout to new all-time highs. And with the economy set to soar, I'm expecting stocks to do the same. Best, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [Time to Buy Pot Stocks!]( After waves and waves of marijuana legalization, this industry has held true right through the pandemic lockdowns. Now fresh from a clean sweep of 6 election referendums and with proposed federal legislation about to open up the entirety of the U.S., it’s expected to explode from global sales of $24.6 billion in 2020 to an expected $86 billion by 2028. Zacks recently closed a +147.0% marijuana trade, and is currently riding several double- and triple-digit gains that should still have a long way to run. Plus, a new stock will be released Monday morning that could rival or surpass these performances.. Access to these recommendations must close to limit the number of investors who share them. Deadline is midnight Sunday, June 6. [See live buys now »]( Most Popular Articles from Zacks.com [Read this article]( Image: Bigstock [5 Discounted Picks as Americans Head Into Summer of Freedom]( Amid the current market correction, we have shortlisted five stocks that carry a Zacks Rank #1 (Strong Buy) or 2 (Buy) but are undervalued in several metrics. [Read More »]( [Read this article]( Image: Bigstock [4 Real Estate Operation Stocks to Play the Reopening Game]( The time is now to enhance one's portfolio with real estate operation stocks that have solid fundamentals and are witnessing decent upward estimate revisions. 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