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Welcome to Friday, Americas. Here's the latest news and analysis from Bloomberg Economics to help you start the day:
- It's U.S. jobs report day
- Employers are expected to have added 423,000 positions in February, a small slowdown from January's gain
- The unemployment rate may dip below 4%
- Data yesterday showed that the four-week average of continuing claims at the lowest level since 1970
- The Federal Reserve is already concerned about how tight the labor market is getting and should today's numbers meet expectations policy makers are likely to see that as another green light towards hiking in March
- The Biden administration's objections to banning oil imports from Russia puts it at odds with a bipartisan clamor to punish Moscow for the invasion of Ukraine despite the pain it would cause
- Argentina inked an agreement with the staff of the International Monetary Fund on a new program Thursday, a key step toward finalizing a $45 billion deal after almost two years of negotiations
- Supply chains that rattled the global economy through the pandemic are unleashing another shock as efforts to choke off trade with Russia strain resources ranging from fertilizer needed for crops and palladium for car-making, to oil that's used to produce almost everything
- About 140 ships have been trapped off the coast of Ukraine, putting more than a thousand seafarers in harm's way
- The crackdown on Russia may be a step toward a more polarized global economy. For China, it's also a reminder that the U.S. pulls the financial strings
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