Wall Street gears up for nonfarms Friday

Yahoo Finance ^ | Fri, Aug 7, 2015, | CNBC.com staff

[expat_panama]

U.S. stock index futures indicated a higher open on Friday with investors eyeing the latest release of U.S. jobs data, which are due at 8:30 a.m. ET.

The economy is expected to have added 223,000 nonfarm payrolls in July, enough to allow the U.S. Federal Reserve to pull the trigger on its first rate hike in nine years.

The Fed will consider a possible first rate hike at its September 16 and 17 meeting, but economists say that even with a strong jobs report, it is far from clear cut when the central will move off of the zero fed funds target rate it has had in place since late 2008.

Around the world, central banks appear slow to want to cut their monetary stimulus. On Friday the Bank of Japan maintained the current level of its massive monetary stimulus program steady and stuck to its upbeat assessment of the economy, as expected.

On Thursday the Bank of England's monetary policy committee proved something of a damp squib for those hoping to see signs of a U.K. rate hike soon.

[expat_panama]

Grain of salt notice: U.S, stock futures are not up, they're off a tenth.

[VanDeKoik]

The consensus is 5 million jobs were created by someone making them up in the white house.

[expat_panama]

OUCH!!!  Distribution day in soaring volume.  Oh well, back to support levels and futures now see stocks flat.  For now.  Metals same story.  Reports:

 

8:30 AM Nonfarm Payrolls
8:30 AM Nonfarm Private Payrolls
8:30 AM Unemployment Rate
8:30 AM Hourly Earnings
8:30 AM Average Workweek
3:00 PM Consumer Credit
 

[1010RD]

Have you seen the GDP revisions...down?

[arthurus]

I don't see interest rates being raised for any reason at all, ever, before collapse and the concomitant forced uncoupling the FED from money. Raising interest rates even a little will raise the rates on new government debt. I think that is the only consideration and they are trapped in that. And rates can go lower. Europe has shown the way.

[arthurus]

I am sure that many of those jobs were actually created, and by created I mean made up by the fedgov in that government employment has increased tremendously. I remember a while ago I think on Zero Hedge the calculations and charts showing that government new employment soaked up approximately all of new employment. Add that to the other observation that ALL new private sector employment went statistically to immigrants and it seems that private sector and likely all employment among native Americans(not referring to Indians here) actually decreased.

[arthurus]

Stocks seem to have been stuck around the 18k level since in December. I wonder if the ability of the Fed to prop up the market by continuing infusions of cash to the banks which they can't profitably lend has run into a market that in stable money times would be falling. I notice for the first time on the chart that the trend seems to be somewhat down. Have we had or are we having a market crash in reality with fed money shoving ever weaker props under the falling stocks?
I actually still expect the DJIA to be pushed back to 18000 and the back and forth to continue but the swings downward to get either deeper or longer as the black gang ever more frantically shovels coal into the firebox.

[expat_panama]

Sure, about half the time. Rush always belly-aches about how the gdp’s always coming out falsely high and then corrected down but that’s really not true. Same goes for analysts expectations. Folks whine about reports disappointing “unexpectedly” but they’re upbeat unexpectedly just as often.

[Diana in Wisconsin]

Second grain of salt: The Employment figures are a LIE and have been for the past SEVEN YEARS!

And I see that the chicken-sh*ts sold off a lot of gold yesterday, LOL!

[1010RD]

Not according to this article: http://nypost.com/2015/08/03/the-gdps-hilarious-false-numbers/

I tried to post it, but it’s the NYPost. Where is in wrong in his data?