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NonFarm Payrolls: 78,000 new jobs

Posted By Barry Ritholtz On June 3, 2005 @ 8:41 am In Economy,Markets | Comments Disabled

There’s two pieces of good news, and one piece of bad news.

The 1st good news is that the Fed tightening cycle is all but over.
Whether its "1 and done" or "2 and thru," its pretty clear we are
waiting for the fat lady to sing. The 2nd part of the good news is that
we now get to enjoy an entire new cycle of home refinancing, with the
homes subbing for ATMs for many American consumers.

The bad news is this economy is a dog who’s hunting days are coming to
an end, sooner rather than later. The market cycle is playing out, and
the present Bull is set up for the last leg up between now and the end
of the year. But the final move — often a wicked rally — sets up the
denouement.


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