Jobs Report, Hourly Earnings, Unemployment Rate: 3 Things to Watch By

© Reuters

By Liz Moyer

 -- Recession fears have been overcome by attention to jobs and inflation, with stocks ending strongly on Thursday.

The Federal Reserve signaled in the minutes of its June policy meeting that it was prepared to raise rates another 0.50 to 0.75-percentage-point at its meeting later this month in a bid to tame inflation. This is despite several macro trends that have happened since that policy meeting, including a marked drop in the price of crude oil amid fears about global demand destruction.

The next big data point will be the June jobs report, which comes out early on Friday. After that, next week we get data on the latest consumer price index.

Stocks are rallying because investors are hopeful for signs that inflationary trends have already peaked. Major commodities such as crude oil and copper have tumbled in response to growth concerns. Lower prices for those manufacturing materials should eventually factor into the prices of goods.

Here are three things that could affect markets tomorrow:

1. Jobs for June

June's jobs report from the government comes out at 8:30 AM ET on Friday, and analysts expect the economy added 268,000 positions. That's slightly lower than the pace from May.

2. Hourly earnings

Average hourly earnings, also due out at 8:30 AM ET, are expected to grow 0.3% month over month, according to analysts tracked by .

3. Unemployment rate

The unemployment rate for June is expected to hold steady at 3.6%. The Fed wants to get the economy to a soft landing, which is when inflation falls without impacting the labor market.

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