How about this one: so what? This is exactly what the data had been telling us and only yesterday's weekly claims were inconsistent with it.
The ADP and Paychex numbers gave you this exact same read.
More important, the stock market's been giving you the same read. These last two months have not exactly been the right time to buy the autos, the manufacturers, the oils or the techs, all of which were hiring at a decent clip. If you look at the railroad car loadings, you would notice the slowdown. If you looked at the Federal Reserve reports, you would notice the slowdown.
The only people who didn't seem to notice are the hedge funds that want rates to go higher to help short positions and the always unchecked Fed heads, who really didn't care about the consequences of their actions and are disturbing in their total lack of accountability. I guess we are all so happy to get to speak to them, à la Bill Poole in 2007, that we don't care what they actually say.
If you want to sell stocks on these numbers, can I ask you what's the new negative for Merck (MRK) or Pfizer (PFE)? How does this make you want to sell Kimberly (KMB) or Colgate (CL)? Is this the silver bullet against Kraft (KRFT) or Actavis (ACT)? If anything, these all became "better stories," because they up the chance that the dollar is done going higher, something that will be evident to people in a couple of weeks.
Sure, you can stay away from Nucor (NUE), U.S. Steel (X) and Vale (VALE) a little bit longer.
The chemicals are problematic. So are the rails. Maybe the airlines -- that's all bad for certain.
But the chief takeaway here is that the bears lost two props that had been helping their cause: the skyrocketing dollar which, alas, is no longer skyrocketing, and the endless drumbeat for more rate hikes.
They were the biggest stories, besides new supply, that have been holding the bulls back.
So, let the macro guys drone on about how this is bad for the market, hope they crush the futures, and then buy all of the non-economic stuff you can, as well as any pullbacks in the retailers and restaurants I have been supporting -- and hope that Dick Fisher is criticized by someone else besides me!