Non Farm Payrolls printed a negative number for the first time since 2010. Of course the Hurricanes are in there to large degree but still, it’s a worse number than I for one, expected. Here’s the full report from BLS (just click the headline)…
Leisure & Hospitality suffered thusly…
“Employment in food services and drinking places dropped sharply in September (-105,000), as many workers were off payrolls due to the recent hurricanes. Over the prior 12 months, food services and drinking places had added an average of 24,000 jobs per month.”
But back out L&H’s Hurricane related job losses and insert its usual positive reading (say +20,000) and we probably have a regular old Goldilocks report; not too hot and not too cold at +92,000, because considering Harvey & Irma probably had minor effects elsewhere, it would have probably been a bit better than +92,000.
However, the bond market is not running on today’s news. It’s factoring inputs from years ago and also looking to what’s ahead. So it may still be on its ‘as good as it gets (with a Twist) theme, as yields are up this morning and the bond market’s not giving markets a break on the bad number. From Investing.com…
And Uncle Buck is firm.
Subscribe to NFTRH Premium for your 40-55 page weekly report, interim updates and NFTRH+ chart and trade ideas or the free eLetter for an introduction to our work. Or simply keep up to date with plenty of public content at NFTRH.com and Biiwii.com. Also, you can follow via Twitter @BiiwiiNFTRH, StockTwits, RSS or sign up to receive posts directly by email (right sidebar).
