I cannot remember the last time a NFP report came out on a day when the Equity Markets were closed (Bond markets are open half a day).
Regardless, let’s have a quick look at some of the factors leading up to the 8:30 am report:
• ADP report of Private nonfarm employment grew 106,000 — below the 135k consensus
• Help Wanted Index: The Conference Board Help-Wanted Index was soft at 31, down from 39 a year ago. Dan Gross quotes Conference Board
economist Kenneth Goldstein: "employment growth may continue, but
probably at a more modest pace through spring and early summer."
• Monster Worldwide, the online jobs/classified site, reduced their revenue and profit projections for 2007, based on slowing growth rates in the North America.
• Government Hiring: expect to see a big bump up in state and local hiring (primarily teachers). With government coffers flush, this is an area of hiring that will remain strong for a couple more quarters, but is likely to fade in the future.
Full details will be out at 8:30am
On a related note, Bill King had an interesting spin on the ADP Report: for first time, ADP cut the data by size of company – small, medium and large:
"Not surprisingly, there was job growth in small (most of it) and medium, but jobs were lost at large companies. And the small companies adding jobs are really small (less than 49 employees)
Small companies, or those employing up to 49 people, added 81,000 jobs. Medium-sized businesses, which employ 50 to 499 workers, created 43,000 jobs.
This probably provides some insight into why CAPEX feels so sluggish and why corporate demand trends in general do not feel so good (including IT right now where everyone seems to be struggling)…big companies are where the CAPEX is and probably the better paying jobs as well with more benefits, etc. This is probably why durable goods number stunk too."
Interesting stuff . . .
UPDATE: April 6, 2007 8:37 am
This is not a big number — though data has been soft the past few months, so its a better than consensus number.
The missus has me off to Lowes — I’ll check out the details later . . .
Stax 50th Anniversary Celebration: Last year, Concord Music purchased Fantasy Records, and as a bonus, they landed the "bulging Stax
For those of you not fans of 1960s/70s Soul music, Stax was one of the richest sources of R&B, Soul and Blues. They were home to such artists as Otis Redding, Isaac Hayes, William Bell, and Booker T.
For some reason, they were overshadowed somewhat by Gordy Berry and Motown. This double CD features 50 hit singles from Stax (and Stax-Atlantic) from the labels’ 1960s and ’70s heyday, and attempts to make up some of that ground.
The WSJ had a glowing review of the set:
"Stax, the music label responsible for superior soul,
R&B and an occasional slice of the blues in the ’60s and early
’70s, is observing its 1957 founding in everything but name by
releasing "Stax 50th Anniversary Celebration," featuring 50 of the best
tracks from its vaults. It could have released twice as many, or more,
without a dip in quality. In fact, it did release twice as many in 2000
under the title "Stax Story" and almost 2½ times as many in 1991 in the
superb boxed set "The Complete Stax-Volt Singles 1959-1968." Two
subsequent collections from the archives of Stax and its Volt
subsidiary raised the number of tracks issued in the past 15 years to
652, more than 13 times what’s in the 50th anniversary box.
A joy from the first cut to the last, "Stax 50th
Anniversary Celebration" is a reminder of the glory days of R&B,
when singer, song and band came together with fervor to spark body and
soul. The music all but sweats with the musicians’ passion: There are
no drum machines and no vocal bent to pitch by software. The punchy
horns are real brass and reeds, not lines played on synthesizers. Now
and then, a musician flubs a note or misses a cue, but an absolute
reliance on musicians’ creativity can deliver brilliant pop music
that’s timeless. Especially if the vocalists are the likes of Eddie
Floyd, Otis Redding, Sam & Dave and the Staple Singers."
The Journal eds were kind enough to move the full article over to the free site for the linkfest, so you guys get an early viewing pre-weekend.
click for CNET media player
Several videos are after the jump:
Golden Oldies: Stax Releases A 50th-Anniversary Boxed Set
WSJ, April 4, 2007; Page D9