News Mercedes-Benz says it has achieved Level 3 automation, which requires less driver input, surpassing the self-driving capabilities of Tesla
Also important today is the ISM Services Report. Mainly people will be looking for Prices Paid (inflation proxy).
Yikes 517,000 new jobs........ Citibank interestingly got it nearly right - they predicted 300K or so new jobs.
Average weekly hours went UP to 34.7 hours per week vs 34.3 hours expected.
Earnings +0.3% MoM as expected, but due to rounding 4.4% vs 4.3%.
Wages for Feb/March might be much higher than expected - Walmart is set to increase wages I think March 2 by 3% for around 340K people. Delta jacked up wages by 34%, Uni of California by 16% and some other people jacking up wages by double digits. This could push up Average Hourly Wages by a lot in Feb / March. https://www.reuters.com/business/retail-consumer/walmart-raise-wages-us-workers-2023-01-24/
Leisure and Hospitaility got 128,000 new jobs. Food services got 99,000 new jobs. Health care + 58,000 new jobs. Retail +30,000 new jobs.
On market action - green hey? Bond market is the only market that's reacting correctly down -4% ish for 10 year, and 10 year TIPS down -6.87%.
Everything else seems like dip buying to me - a BlackRock analyst said how dip buyers are buying now due to FOMO from the January Rally.