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Thursday, March 28, 2024

NFP WTF? Reactions from the Blogosphere

Courtesy of Joshua M Brown, The Reformed Broker 

November non-farm payrolls up only 39,000 versus estimated +150,000.  Unemployment rate up from 9.6 to 9.8% vs expectations of unchanged.

a young man sitting on steps holding his head

JUST a bit outside!

More shortly…

Some reactions to this morning’s big NFP downside surprise:

Barry Ritholtz (TBP):

Even though we e expect these numbers to be eventually revised upwards, any hopes for virtuous, self-sustaining recovery must be put on hold. Like most post-credit crisis economies, this remains an anemic recovery. The headwinds of high Unemployment and weak Housing remain problematic…

David Leonhardt (Economix) is dejected by the weakness:

For more than a month now, you could have made a case that the recovery was gaining momentum. Stocks were generally rising. Retail sales over the Thanksgiving weekend were strong. Job gains had been accelerating.  But you can’t make that case very well any more.

Tyler Durden (Zero Hedge) on the spike in gold after the report:

And The Winner Is…Gold. The backtested model of shorting gold ahead of NFP has just broken. Margins calls coming in. JPM/Blythe Masters scrambles to prevent an all out rout as the $1,400+ stops are triggered.

The Fly (iBankCoin) doesn’t give a ____:

Should you “endure” 15-30 minutes of stock market losses today, FEAR NOT, for the Federal Reserve has your back. In the outside chance that the market really sours today, FEAR NOT, for MERGER MONDAY is literally right around the corner. 

 

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