Posts filed under “Employment”
DOH! I thought I posted this before I headed out earlier today — here is a belated update
Heckuva a number, Ben.
As feared, the strong number generated selling in both the Bond market (sending yields higher) as well as equities. The initial dumpage of stock futures is showing equities attempting to claw their way back off the lows.
As to the employment data, a few interesting items:
• The big gainers were Professional and business services (50,000); Health care (31,000), plus more ambulatory
health care services (14,000), and hospitals (11,000); Services for buildings and dwellings
in construction was about unchanged over the month;
• Manufacturing jobs continued to trend downward;
• After increasing by 295,000 in 2005,
construction employment was little changed in 2006.
• Temporary help services employment was
little changed over the month and over the year. Temp #s are forward looking, and often precede actual permanent hiring.
I still don’t know which data to believe, ADP or the soon to be revised BLS. But its apparent that the market is looking at this — plus today’s Fed speechifying — as reducing the odds of a rate cut anytime soon…