And this is why the art of forecasting is so cruel.
The ugly jobs number (and somewhat meh ISM report) came out at the exact time that two longtime bears started to become more optimistic.
First there was David Rosenberg, the perma-bear’s perma-bear, who predicted a better-than-expected ISM report. It didn’t happen.
And then following that, Goldman’s Jan Hatzius — who has been pretty dour — came out with a big lift to his economic estimates.
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