04/09/2026
Before a major employment release, build three scenarios instead of one prediction. Define what stronger-than-expected, weaker-than-expected and broadly in-line results would mean for rate expectations. Then identify the market evidence required to confirm each scenario.
Wages can matter because the labor market is closely connected to the inflation outlook. A payroll number that looks strong on the surface can be interpreted differently if wage growth or revisions point in another direction.