A monthly manufacturing report Friday could be more impactful for markets than the jobs report, which was impacted by the GM strike.
October's jobs report is expected to be unusually weak, due to the strike at GM, which could shave more than 50,000 manufacturing jobs off of payrolls.ISM Manufacturing data is also released Friday morning, and it actually may be more important since the manufacturing sector has been in decline.
"We already know the manufacturing sector is in recession for three reasons—trade tensions, the Boeing MAX, and the GM strike," said Ward McCarthy, chief financial economist at Jefferies. The end of the GM strike "will take one of the nails out of the coffin." McCarthy said he expects ISM data to pick up next month with the end of the GM stroke. "That should help the manufacturing over the next two or three months look better than the prior three months. Manufacturing won't come out of recession until they start making the MAX again," he said."The jobs number will be big, but the ISM could be bigger.
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