262k!
The new jobs data is a terrific boost to the Bullish camp (where I have been since February 2). It was strong enough to keep the expansion growing, but not so robust as to force the Fed's hand.
As I wrote yesterday, I am thrilled to be wrong on "the under" this time around. Yields are coming in, oil is softening, and the Dow is closing in on multi-year highs. If we close above those highs -- an admittedly big if -- that will officially kick off the next major leg higher.
Friday, March 04, 2005 | 09:47 AM | Permalink
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» Positive Employment Headlines but... from Global Trader's Diary
The economy maintains the status quo while giving the Fed the green light to hike rates further. [Read More]
Tracked on Mar 4, 2005 1:18:50 PM
Comments
Barry, Barry, Barry!
As most honest economist (as in no one shilling for the GOP or CATO) would point out, the 262K new non-farm jobs (as if farms have actually create work in the last one-hundred years) is still well below the number needed just to keep pace with the per annum rate of new, first time job seekers. I believe that number needs to be around 400K per month for at least a year.
Posted by: Jeff I | Mar 4, 2005 2:47:58 PM
Oil is softening? What charts are you looking at?
Posted by: Damian | Mar 4, 2005 9:32:07 PM
this was an intraday comment -- meaning, reflecting the state of trading for the moment.
Readers of this blog know my longstanding bullishness on energy . . .
Posted by: Barry Ritholtz | Mar 4, 2005 10:43:48 PM
I would like to see the graph of the corrections that they make to these numbers month by month.
It always seems like they are only consistant in one way; they usually decrease the "good" news and increase the "bad" news.
Posted by: C J Flynn | Mar 8, 2005 4:47:05 AM
