More John J Hardy, 02 December 201102 December 2011 Non-Independent Investment Research The US employment report was far less positive than hoped, and yet the unemployment rate dropped to a 30-month low. This wasn’t the scenario needed for an additional push higher ahead of the weekend.
A day of watching and wondering for the market, mostly with a positive bias today, was somewhat spoiled by a mixed US employment report. After a constant stream of positive data surprises, the inability of the payrolls number to beat expectations was a resounding disappointment that the market is nonetheless trying to get over by focusing on the fact that the overall unemployment rate (based on the separate household survey) matched the fastest rate of monthly decline in over 28 years.
Disappointing US employment report
Somehow, in the wake of the US employment report, the positive risk mood is trying to maintain a head of steam. From where I sit, the employment report internals justify continued caution. The household survey did register another strong gain of
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