Last week ended with non-farm payrolls for July showing

that the US had added more than twice as many jobs as most economists had expected. 

A surprise of similar magnitude on the July consumer price inflation numbers, due Wednesday, would probably have an even bigger impact

Stocks  don’t look anything like as expensive as they did at the time of the dot.com bubble, but they do look about as pricey as they have in a decade

John Authers Bloomberg 8 augusti 2022

https://www.bloomberg.com/opinion/articles/2022-08-08/us-inflation-data-matter-from-the-great-resignation-to-rate-hikes-to-taiwan

Getting inflation down to 4% is probably easy, but then it gets really hard without pain

To Jan Hatzius, chief economist at Goldman Sachs, the data point that really tells the story is job vacancies, which remain far above their historical norms even though they’ve come down significantly from the peak.

“We still have close to 11 million open positions and less than 6 million unemployed workers,” he said

Joe Weisenthal and Tracy Alloway Bloomberg 8 augusti 2022

https://www.bloomberg.com/news/articles/2022-08-08/goldman-s-jan-hatzius-sees-just-a-narrow-path-to-avoid-recession