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Market attention fixed on payrolls data

David Russell (david.russell@optionmonster.com)

Non-farm payrolls are the big event on today's calendar.

Economists are forecasting the addition of 159,000 jobs last month, down from 165,000 in April. Unemployment is expected to remain at 7.5 percent in the report, due at 8:30 a.m. ET.

It isn't entirely clear how the market will respond to this release because evidence that the economy is improving may cause traders to think the Federal Reserve will slow monetary stimulus.

Next week's economic calendar is light, with few data reports until retail sales and initial jobless claims on Thursday morning. Consumer sentiment follows the next day.

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