NFP Day!
In all the hubbub about the MSFT/YHOO bid, we almost overlooked the December Non Farm Payroll data.
There were a very mixed set of data leading up to this -- the big leap in Unemployment claims (impacted by MLK day) and the surprisingly strong ADP Report.
To me, the most important issue will be the Annual Establishment Survey Benchmarking.
If things work out the way they should -- an unfortunate rarity when it comes to government statistics -- we will find in about 10 minutes how many jobs the economy actually created in 2007. This has the potential to truly roil the markets.
I will get a follow up on NFP, as well as our overview on the equity markets later today . . .
Friday, February 01, 2008 | 08:18 AM | Permalink
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Benchmark cuts nearly 300K jobs
Posted by: Karl Smith | Feb 1, 2008 8:52:38 AM
Looks like "the greatest story never told" is now out in the open - an average of 95,000 new jobs per month in 2007.
Posted by: Winston Munn | Feb 1, 2008 9:02:11 AM
Looks like "the greatest story never told" is now out in the open - an average of 95,000 new jobs per month in 2007.
I would put it differently--As previously published only 3 months had a change of less than 85,000 new jobs. Now it's 7.
Posted by: BJ | Feb 1, 2008 9:12:41 AM
I don't feel very profound today. But I do want to brag. Hey bears! I'm up YTD, well in the green. I don't talk percentages, except with family. But I'm happy. No, I'm not up a mythically gigantic amount, but it is well above nominal. More than enough to happy dance.
I went to 100% cash in Nov 2007, went long near the bottom, and bought more as the market settled at the bottom, well diversified. Looking forward to a great February. There is still A LOT of up left.
Posted by: cinefoz | Feb 1, 2008 9:13:35 AM
