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Is Wall Street Going To Get Another Employment Surprise?
The usual estimate frenzy before this Thursday's release of last month's
non-farm payroll data, better known as "the employment report," is betting on a similar report to last month's surprisingly bening tally, where only 345,000 jobs were lost. The problem we have with those estimates is that the stock market is not agreeing with it.
As usual, we look at the market for answers. Sometimes it does a good job, and
sometimes it doesn't. But then that's the same tale for the economists and their
estimates.
Last month, our three bellwethers, Manpower Inc. (NYSE: MAN), Monster Worldwide (NYSE: MWW) and Administaff (NYSE: ASF) predicted a bad employment report. Instead we got a good one. This month, the three stocks are moving sideways, suggesting that the market isn't really sure what to expect.
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The economists are looking for more of what happened last month, when most of
them missed it by a longshot, just as the market did. The difference this time
is that that market seems to be admitting its mistake.
This article is continued in the full Market IQ report. To subscribe... Click Here |
