Bummer for the bulls!
Total new jobs were just 103K, well below the official estimates, and WELL below the whispers, which went as high as 300K.
Stocks are dropping. Gold is perking back up.
The interesting thing, though, is that the household survey, which has been typically weaker than the main report actually showed a jump in 297K.
The unemployment rate dropped to 9.4%.
Background: This is it! After November’s ugly jobs report, hopes are riding high, and estimates are for around 150-170K. But the “whisper” is a lot higher, and the markets may be bummed if the number comes just “in line” especially after that ridiculous 297K ADP number.
Some other numbers to watch:
- 08:30 US Hourly Earnings (Dec); consensus +0.1%
- 08:30 US Average Weekly Hours (Dec); consensus 34.3
- 08:30 US Unemployment Rate (Dec); consensus 9.7%
Also watch for any revisions to November numbers, which were ugly.
Meanwhile, stocks are up slightly, and gold is getting slammed.