One of these monthly payroll reports will signal a turn in the economy to self-sustaining growth, and splatter the bond and mortgage markets all over the windshield. Not today. The payroll positive in August: Non-government jobs rose by 67,000 (half of those in unaffordable health care, the only sector to gain jobs every month of the recession). Details were thin cheer: Overall employment fell 54,000 in August, as cuts in one-time Census workers and other government jobs overwhelmed the private gain; and a June-July revision found that we did not lose 352,000 jobs, only 229,000. Flat, going nowhere ... but not a double-dip. Therefore, sell safety-bonds: 10-year T-notes jumped to 2.75 percent from 2.47 percent on Wednesday, but mortgages have held at 4.5 percent. In the absence...
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