Neat --right after seeing gains in metals and stocks yesterday this morning futures traders are predicting more of the same! I mean, profit taking isn't as much fun by oneself while everyone else is still out having all the fun, but then again the saying is still true that "nobody ever went broke taking a profit".
Reports today: MBA Mortgage Index, Challenger Job Cuts, ADP Employment Change, Factory Orders, Crude Inventories; this morning's stories:
Hey...works for the federal government, what the heck could go wrong. /s
T minus 1 hour until the jobs report! Prepare the “it’s all BS!”, “Obama made it up!”, “This is crap we’re in a DEPRESSION!” posts!
Consensus estimate +215K, UE3 estimate 6.3% (Source: FactSet)
SocGen’s Brian Jones raised his estimate to +290K: “A variety of factors support our call for the largest payroll gain since the 360,000 leap recorded at the beginning of 2012. The average number of persons filing initial claims for unemployment insurance benefits contracted by 12,100 to 312,000 over the four weeks heading into the June establishment survey period. The total number of persons collecting unemployment insurance benefits under regular state programs likely contracted by 54,000 to 2.57 million between canvassing periods the fewest since October 2007 implying that a substantial number of those previously unemployed are finding work. The impressive breadth of hiring across private industries over the March-May span also points to a pick-up in headline payroll growth.”