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Friday, September 3, 2010

Jobs report... nice

Really nice report on Jobs today. (Here is the break down.)

Total Private number of 67k was really good. The one thing I can see the bears tauting as negative is that the Temp. Employment was 16.8. But a preemptive counter argument, that was the case in June, then in July we saw a +100K private sector number. The high Temp. Help number may very well lead to a strong September number.

Also a key take away, Average Weekly Earnings rose again to $774.97

Looking back, when the Productivity number came out yesterday, it was negative, and seemed bad. But the sited reason was higher employment costs, which I initially thought should be a prelude to a decent jobs number in the future.

The markets have every reason to run up today.

(To be clear, the payroll is not gang busters, but it is very good in that it merits a higher multiple in the equities markets.)

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