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Tomorrow is NFP day. And, given the changes in the labor market recently, it’s likely to get all of the attention.

But even with headlines and market volatility around that, we shouldn’t neglect the PMI data that comes out an hour and a half later.

It’s the last major event to close out the week, and we could see the market move quite a bit afterwards.

Everyone is going to be extra keen on the non-manufacturing PMI because it covers the services sector. That’s the sector that suffers most directly and immediately due to the measures to control the COVID-19 outbreak in the US.

Expectations Are Not What They Seem

The thing is, though, the survey happened before most of the latest and most dramatic news about the effects of the virus.

It concluded long before the number of US cases surpassed those of China. This was back when the mayor of New York was still calling for public events.

Consequently, we might not see as much of a drop in the reading.

Of course part of...

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