There are two (at-time contradictory) questions that will be a bit closer to being answered after the August jobs report comes out.
The first is obvious: Is the economy getting worse? The private payrolls number will help with that one.
The other question: How soon do we get quantative easing in earnest? Everyone seems to think it’s coming, and that it’s only a matter of when, and it could even come very soon. The weak ADP number on Wednesday seemed to jazz investors only based on the idea that the Fed would be acting sooner rather than later.
That might be the case. After the number comes out, and we get a better sense of the internals, we’ll discuss this question further.