Thursday, April 1, 2010
Jobs
We are going to be getting the nonfarm payrolls tomorrow and the futures will be trading on a holiday. Goldman already came out blasting with their payrolls estimate downgrade, which means they were short and wanted the market lower today to cover. There are big expectations for this number, so I think it will likely disappoint.
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I don't think so because they're going to include all the part time people hired by the govt to knock on doors for the census. 1.5 mln people they are hiring.
There is an article in the Big Picture Blog yesterday that the IRS is reporting an additional 4.5 bln in tax witholding increase revenue for March.
The private sector may not be hiring much, but the govt jobs are going to result in around 200K new jobs last month.
YOu said it yourself it's going to be rigged.
The trick for the govt right now is to rig as many numbers as you can and create a facade of growth shinier than the actual economy.
By the time people realize they have been duped, the economy will really recover and it;s back to blowing more bubbles.
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