By any stretch of imagination, August payroll data is a big let-down. This coupled with the revised numbers for July; it looks like reported numbers are not that strong though Initial Jobless claims have been trending lower consistently including the continuing claims. What does it means for the FED; may be they will delay their tapering by a few more months judging by their preferred metrics like un-employment etc. We could see some rally in the oversold treasury markets and equity markets could consolidate though futures indicate we could get a rally in the equity markets for the day. September is also historically a much muted month for equity markets and the latest jobs data has added uncertainty to the whole thing. Then we have debt ceiling related uncertainty, so the only real catalyst for the equity markets will be 3rd quarter earning numbers.
Posted on: Fri, 06 Sep 2013 12:55:12 +0000
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