As suggested back on Jul. 6 and again in the postscript to monetary policy just below, US payroll
employment increased at a much better rate than was widely anticipated. So, readers of this
blog got a leg up on the news, and I can tell you that the "jobs kitty" has been reduced from 800K
down to 440K with today's report, thus leaving some additional leeway for stronger payroll
survey data over the next three months. The markets -- which focus on the US payrolls survey --
liked the "news" even though the entire report was not a good one.
But, now it is time to get back to some serious work, even acknowledging that payroll jobs
data could be spruced up further in the lead in to the election...
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