Non-Farm Payrolls reported this morning. They were a disaster – much like the ADP report Wednesday foretold. Downward revisions to the March & April jobs data exactly offset the 75,000 job gain reported for May. Translation: No Job Growth!
NFP in a nutshell…
Disappointing US jobs data–not only job creation, but also back month revisions, earnings and hours worked. One of few bright spots is that under-employment eased. Can only fuel rate cut speculation and more technical evidence of $USD top. Marc Chandler
I smelled it.
So how did I get that $SPX $2880 price target stated in the article – which was hit today? Despite fully expecting a horrific NFP print, I had predicted Powell would pivot. He intonated this Monday night at his speech, no less than 13 Fed heads came out this week to espouse their dovish views, and then today WSJ came out with an article that the Fed met to discuss June rate cuts!! My 5/31 tweet predicted June Rate Cut rhetoric and it proved to be prescient.
Forward Looking. Forward Thinking.
Come Fish With Me.