Tomorrow we'll get the Employment Situation Report. The consensus is calling for 60,000 new jobs created with the unemployment rate holding steady at 9.1%. Last month, we got 117,000 new jobs (154,000 were private sector jobs whereas government jobs fell by -37,000, giving us the net 117K total). Unless the private sector can hit it out of the park (unlikely since we've been hearing more about layoffs as opposed to new hiring recently), even a consensus beat will still likely be less than last month. And a slower jobs market is not a positive. |