JOBS REPORT MISSES EXPECTATIONS AT 148,000 -- GOLD, STOCKS, AND BONDS ALL RISE

The
September jobs number is outand it’s a miss.

Just 148,000 jobs were created in September, well below the expectations of 180,000.

The unemployment rate fell to 7.2% from 7.3%, which is lower than what was expected.

A broader measure of unemployment, which includes the underemployed and discouraged workers fell from 13.7% to 13.6%.

The good news, there was a big upward revision to last month, from 169,000 to 193,000. This is a turnaround from the August report, when earlier months were revised sharply downward.

The market reaction is to assume that any Fed “tapering” (reduction in the pace of asset purchases) has been delayed.

Gold, stocks, and bonds are all, therefore, higher. The dollar is weaker.

Remember, of course, this is old data, and we had a highly disruptive economic event in the first half of October. So there remain big question marks about the current state of the economy.

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