We're About To Get One Of The Most Important Jobs Reports In History (Before The Election)

TBI ^ | 11-2-2012 | Matthew Boesler

[blam]

We're About To Get One Of The Most Important Jobs Reports In History — Here's What You Need To Know

Matthew Boesler
Nov. 2, 2012, 4:10 AM

Today's nonfarm payrolls data – out at 8:30 AM ET in the U.S. – is the final jobs report before the presidential election on November 6.

Consensus estimates are for 125k new jobs, and the unemployment rate is expected to rise to 7.9 percent from 7.8 percent a month ago.

The election is already a huge source of uncertainty for fragile markets at the moment, and a bad jobs number could really set the tone for stocks ahead of the election.

Societe Generale strategist Vincent Chaigneau writes in a note to clients that "weak NFP and the US elections will be a challenge for the S&P, which is trading some 0.8% above key support levels (1400 area)...our economists look for a soft NFP, which would keep US equities shaky into the elections."

That economist is Michala Marcussen, who says she expects the unemployment rate to drop, but due to changes in the participation rate:

The US October employment report will be released as planned on Friday despite the disruptions caused by Hurricane Sandy. Our forecast is for a 90K gain on payrolls (below the 120K of consensus). At the same time, we look for the unemployment rate to decline to 7.7% - its lowest level since December 2008. The better trend on both Japanese and US unemployment rates, however, masks declining participation rates.

Taking a snapshot across the G4, generally low employment rates at first glance suggest historically high spare capacity on labour markets. Evidence suggests, however, that structural unemployment rates are trending higher, and notably on the European periphery, adding an additional headwind on these already hard hit economies.

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[shove_it]

Rick Santelli was in rare form calling these numbers BS while Steve LIESman and the other sycophants sat there open mouthed. It was a thing of beauty.

[GRRRRR]

CORRECTION...

ONLY 171,000 jobs added...my bad eyes.

Still pathetic and EPIC FAIL on the O’Bomma Admin.