This week is full of key data! We get both national PMIs for the U.S., Markit, and ISM indices. These should shed some light on the mixed results from the already-released regional PMIs for September.

Otherwise, all eyes are on employment data. The headline payroll figures will get a lot of attention (as will revisions to prior months). Some "beneath the hood" issues we’re thinking about are the ratio of part-time to full-time job creation and the proportion of employment coming from the government. These two metrics often provide context on the quality of employment trends and which direction they are likely headed.

Another important release is the JOLTS survey on Tuesday. The chart here compares changes in job openings to changes in employment. It's fairly easy to see that recession risk is through the roof when this indicator dips below the zero line, and that’s where it’s currently sitting. This is one we’re monitoring closely.

The Macro Week Ahead

The Macro Specialist Designation (M² SD)

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The Macro Week In Review

Macro Job Board

Macro Research Associate @ Goldman Sachs (New York)

Seeking a PhD economist to join the US Economics team. Will write weekly economic research reports for a large global audience that includes clients across the financial industry, Goldman Sachs colleagues, and policymakers. Also will forecast GDP, the labor market, inflation, and monthly economic indicators.

Macro Strategies 2025 Intern @ Verition Fund Management (New York)

As part of the 10-week internship program, you'll work closely with a fixed income/macro investment team to enhance your skill set and apply your studies to a wide variety of projects. The program provides ample opportunities to learn about alternative investments, gain hands-on experience, and contribute meaningfully to a fast-growing firm.

Research Analyst, Global Macro @ Point72 (New York)

Conduct rigorous fundamental bottom up credit research to identify attractive long/short investment opportunities. This will entail credit analysis, financial modelling, documentation reviews, etc. Analyze businesses and capital structures across Distressed, High Yield, and High Grade credit markets.

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