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  1. Home
  2. / Investing
  3. / Economic Data

Poor Jobs Numbers Give Sellers Some Ammo

The question is whether the market will care that the latest jobs report was disappointing.
By JAMES "REV SHARK" DEPORRE
Jun 02, 2017 | 08:58 AM EDT

The market celebrated the potential for a strong monthly jobs report on Thursday by breaking to new all-time highs. Unfortunately, the data this morning don't support the optimism. The numbers missed on nonfarm private payrolls and average hourly earnings and were revised downward for the prior month. The household rate ticked lower, which was the only bright spot, but that may be a function of the participation rate.

It is a poor report, but will the market care? The bullish spin is that it will prevent aggressive rate hikes by the Fed, but this market is tired of that sort of "good" news. It wants some real economic growth, which is why it celebrated the strong ADP number yesterday.

As I discussed in my opening post, the biggest challenge for the market has been sustained momentum. The move yesterday was quite good, but there hasn't been much ability to follow through. The bears have been even worse in taking advantage when they have an edge, but the bulls are not nearly as robust as the media would have you believe with the constant talk about the indices at all-time highs.

So far the indices are holding, but the sellers have some ammunition now. I expect to see the indices in the red at some point today.

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TAGS: Investing | U.S. Equity | Economic Data | Markets | How-to | Jobs | Risk Management | Stocks

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