Soft US Jobs Raise Selloff Risk for Stocks, BofA Strategist Hartnett Says [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
(Bloomberg) -- A weaker jobs report would be a stagflation signal, raising the odds of a selloff in stock markets, according to Bank of America Corp. strategist Michael Hartnett. Most Read from Bloomberg Recent US economic data has been stagflationary as it suggested slowing growth at a time of sticky inflation and labor costs, Hartnett said. If the Labor Department's report on Friday were to show the US added fewer than 125,000 jobs in April, and the average hourly earnings rose more than 0.4% from the previous month, that would be a “stagflation risk-off print,” he said. ADVERTISEMENT On the other hand, if payrolls were to rise by more than 225,000 and average hourly earnings by less than 0.2%, it would be interpreted as “Goldilocks back on and risk back on,” Hartnett wrote in a note. Forecasters expect the report, due at 8:30 a.m. in Washington DC, to show employers boosted payrolls by 240,000 in April. Average hourly earnings likely advanced 0.3% compared with the previ
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