In all the hubbub about the MSFT/YHOO bid, we almost overlooked the December Non Farm Payroll data.
There were a very mixed set of data leading up to this — the big leap in Unemployment claims (impacted by MLK day) and the surprisingly strong ADP Report.
To me, the most important issue will be the Annual Establishment Survey Benchmarking.
If things work out the way they should — an unfortunate rarity when it comes to government statistics — we will find in about 10 minutes how many jobs the economy actually created in 2007. This has the potential to truly roil the markets.
I will get a follow up on NFP, as well as our overview on the equity markets later today . . .