On the first Friday of every month, U.S. non-farm payrolls data are released at 8:30 a.m. in New York or, for me in London, 1:30 p.m. This influential economic indicator outlines the health of the U.S. jobs market and, depending on whether the results are weak or strong, they can send asset prices across the world — from currencies to stocks, bonds, and commodities like gold — either rallying or sliding.
Since my job at a real-time news wire involves covering financial markets in EMEA emerging countries, the figures on U.S. job creation and unemployment inevitably unleash a period of frenzy in my office as we rush to report on the repercussions for riskier developing-nation assets from Russia to Turkey.
This past Friday, I panicked as I looked at the clock in the lower right-hand corner of the oversized monitor in front of me to find it was 1:14 p.m. Just 16 minutes to payrolls — 16 minutes — and I hadn’t yet prayed the noon prayer, known as duhr, because I’d gotten caught up writing and editing a series of stories virtually non-stop since arriving nearly six hours earlier. Continue reading “Praying before payrolls”