Late last year, release of the Consumer Price Index supplanted the jobs report as the most anticipated data dump of the month. Now, with the Fed trying to navigate between growth and inflation, the details of the jobs numbers once again are front-burner.
a falling stock market.“The CPI has gotten all the attention for the past 18 months, but with the U.S. on recession watch, the jobs report is back as the most important data every month,” said Doug Holtz-Eakin, president of the American Action Forum.
Some data in the jobs report provide a "better estimate of inflationary pressure than the direct measures of inflation itself," Goolsbee said.If they show a combination of massive job creation and wages rising more rapidly, the Fed likely would lean more into its interest-rate rising campaign — creating higher risk of a recession later in the year or in 2023.
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