Does The Market Smell A Big Rat Buried Inside The Jobs Report?

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Photo: Chris Yarzab via Flickr

The jobs report was dismal on all fronts (no good news buried in the internals) and yet… markets aren’t totally falling off cliff.Yes, they’re down, but 0.5%? Not horrible, considering the huge rallies of the last two days. The yield on the 10-year wasn’t even where it was early on December 1.

So it seems possible that the market smells some kind of a rat, and just doesn’t buy that things are as bad as the headline would suggest. As Jamie Coleman points out, much of the other data jobs-wise for November was strong, especially the regional Fed reports (plus ADP, initial jobless, etc.).

Of course that’s no consolation to anyone, and as the last jobs report before all the big Christmas spending, it’s certainly a psychological blow.

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