Friday, September 07, 2012

Economy Adds 96K Jobs

$$ - Disappointing jobs numbers this morning, as the economy adds 96K jobs. The unemployment rate fell to 8.1%, but only because more people quit looking for work.  The labor participation rate fell to levels last seen in 1981.
Overall, this is bad economic news. Yes, it means that Fed action next week is more likely, but it will be interesting to see if any new stimulus is added ahead of the election.  The Fed usually likes to do nothing in the months ahead of the elections.
Not doing any trading today. The market is basically flat today after yesterday's huge surge.  This is overall bullish.  Investors Intelligence bearishness was only at 24.5% this week, and with the move up in the markets one would think that there will be fewer and fewer bears going forward.
Romney slamming Obama for the bad jobs numbers.  Obama saying it's another positive step forward.

Payroll Day Blues: Economy Adds Just 96K Jobs

Sandy Huffaker—Getty Images Current and former military personnel stand in line for interviews at the Opportunity Job Fair on Sept... Read more

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