Friday Doom!

Europe seems to be slipping into a stimulus-induced coma.

The euro’s trading 1.2324

The US is expecting some unexpected bad news

The May employment report, due at 8:30 a.m. ET Friday, is expected to show that about 150,000 jobs were added in May, above April’s 115,000 but below the 200,000-plus reported earlier in the year. The unemployment rate [cnbc explains] is expected to hold steady at 8.1 percent.

“It’s not really a testimony to strength in employment, and I think we’re still in a rocky period,” said Diane Swonk, chief economist at Mesirow Financial. Swonk reduced her forecast Thursday to 125,000 jobs in May from 150,000 after ADP’s private-sector payroll data showed just 133,000 jobs were added for the month.

Stock futures are currently down about 110 points.

Crude futures have dropped below $85 as China’s manufacturing has slowed in response to the mad rush to bankruptcy Recovery Summer.

Looks like I picked the wrong week…

Update: looks to be one of those “macro” down days, as commodities across the board are pretty much all down, too.

Update the Second: +69,000 That’s a really really bad number

Update the Third: and last month’s gain of 155k revised down to only 77k. This is really awful.

8 Responses to “Friday Doom!”

  1. tree hugging sister says:


  2. Gary from Jersey says:

    But Romney put his dog on the roof, racist. Everything’s fine because shut up.

  3. JeffS says:

    Wot Gary said, dude.

  4. nightfly says:

    Municipal bonds, Ted. Best investment in America!

  5. aelfheld says:

    ‘fly, I don’t know about you but considering the waterheaded fools running my municipality I wouldn’t invest a plug nickel in their schemes.

  6. nightfly says:

    Nor I, aelfheld… I was just quoting the movie.

  7. David Crawford says:

    69,000 jobs in a nation of 310,000,000? That’s what’s known as background noise.

    It was rather funny on this morning’s news (KING 5 in Seattle). Listening to them and 69,000 new jobs means the economy is practically booming. BOOMING I TELLS YA!!!

  8. JeffS says:

    Funny dat, David, as over here in Walla Walla, the headlines for today’s local fishwrap read: “Key Technology cuts dozens of jobs“.

    Said company is a major private employer around here. And while they have had problems in the past, the timing is, as they say, “Not Good”.

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