Today's Key Market News - Employment Report Worries
Today's Employment Situation Report for July came in as should have been expected, in our opinion, given the prediction of the ADP Report. ADP implied the number would be somewhere in the mid-70K range and ADP has been trending short recently, in our opinion. However, if you were not using ADP as a predictor, then you were expecting the economists' consensus forecast for an increase of 127,000. In that light, the actual job increase of 92,000 was disappointing. Furthermore, unemployment increased to 4.6%, while the consensus was looking for 4.5% again this month. The Fed has been loud in expressing its expectation that unemployment would increase up to just short of 5%, so the 4.5% figure should not really frighten anyone, in our opinion. Therefore, it seems investors have not been paying attention to our warnings and the expectation that the consumer segment will soften. Consumer spending is likely to get worse, in the Greek's view, and the retail sector is likely to significantly consolidate operations and workforce. We'll get into more depth in our weekly copy. For now, see today's hand-selected market-moving articles below:
Bloomberg: Employment Situation Report: Jobs +92K, Unemployment 4.6%
Forbes: Chinese Shares Reach New Record
CNBC: Crude Edges Higher
Bloomberg: Treasuries Rise
AP/Yahoo!: American Home Mortgage to Close Operations Friday
Yahoo! Earnings Calendar
AP/Yahoo!: P&G Profit Rises 19%
AP/Yahoo!: Toyota Profit Up 32%
AP/Yahoo!: British Airways Gains 75%
AP/Yahoo!: Allianz Profit Slips
Financial Times: Pakistan Warns U.S. on Asian Arms Race
Economist: Russia and the Arctic
CNN Money: June Factory Orders Disappoint
Iran Daily: Tales from the Dark Side
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Bloomberg: Employment Situation Report: Jobs +92K, Unemployment 4.6%
Forbes: Chinese Shares Reach New Record
CNBC: Crude Edges Higher
Bloomberg: Treasuries Rise
AP/Yahoo!: American Home Mortgage to Close Operations Friday
Yahoo! Earnings Calendar
AP/Yahoo!: P&G Profit Rises 19%
AP/Yahoo!: Toyota Profit Up 32%
AP/Yahoo!: British Airways Gains 75%
AP/Yahoo!: Allianz Profit Slips
Financial Times: Pakistan Warns U.S. on Asian Arms Race
Economist: Russia and the Arctic
CNN Money: June Factory Orders Disappoint
Iran Daily: Tales from the Dark Side
Please support our effort by supporting our advertisers. Receive Wall Street Greek via email by subscribing here. (disclosure)
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