InternationalInvesting

What’s up with Friday’s weak job numbers?

The outside world has more impact on the U.S. than the Fed considers
  • Forget the Fed raising rates, unless Friday morning’s employment report, which showed that the economy in the U.S. created the fewest number of jobs in more than five years, is revised.

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Wow. What a difference one Friday morning can make. Or did it, alone? The 10-year T-note has broken to 1.70 percent from 1.81 percent overnight, mortgages following grudgingly to 3.625 percent, both near the lows of 2016. Poised for lower. Forget the Fed raising rates, unless Friday morning’s employment report, which showed that the economy in the U.S. created the fewest number of jobs in more than five years, is revised. Missed California? Begin with quibbles: to the pathetic gain of 38,000 jobs add 37,000 Verizon strikers, but subtract March/April downward revisions just as large. In a suspicious statistic, the Bureau of Labor Statistics says a half-million people in one month took part-time jobs instead of the full-time ones they were looking for. Possible? No. An even larger number left the workforce, quit looking for jobs altogether. If you’re not looking, you’re not unemployed, hence a drop to 4.7 percent -- in theory Fed-alarming overheating. Yes, th...