Aug

24

Our experience with the last two weeks of August has been that the period resembles the time between Christmas and New Years. That is, it's best not to get too excited about market action during this time. Of course the ennui is increased by the G7 meet and Jackson's Hole get togethers.

However the NFP to be released will profoundly disappoint with regard to job growth. We know this because the August NFP report is based on data thru August 16, which is already visible. Noting how all of the media is engaged in piling on this Presidency, those bearish numbers will be ballooned up quite a bit.

Kim Zussman writes:

A bad jobs report could be bullish for Fed watchers.


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