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Friday, September 3, 2010

Rosenberg Daily - US Employment Report for August

The data are hardly strong but admittedly are not consistent with the economy contracting this quarter. But the data do not alter our outlook for a double-dip scenario unfolding before year-end as the policy stimulus continues to fade and the inventory cycle subsides...

The jobs report was uninspiring in the aggregate but the bright spots cannot be readily dismissed. First, the private payroll number came in at +67,000, which was above the consensus estimate of +40,000, not to mention the ADP print of -10,000. This, along with the upward headline revisions of 123,000 and the 0.3% MoM gain in the wage number has the bulls rather excited.  [Rosenberg]

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