As I said over in the blogger faculty lounge, “Friday’s employment release looms over this market like Precious’s arm fat.”
The good news is, the expectations are low, no one expects an upbeat repot. OK, I said good news, not great news.
From data on CNN and Briefing.com, here’s what we can expect:
* The private sector is expected to have added 100,000 jobs in June, a big drop off from March and April.
*Census workers are already being decommissioned. Economists expect 200,000 of those jobs to vaporize in the June report.
*Weak private sector hiring and census workers terminated means an overall loss of about 100,000 jobs for June.
* The unemployment rate, which is a work-of-fiction stat severely discounting the true amount of people underemployed, will tick higher to 9.8% from May’s 9.7%.
The numbers will be released tomorrow morning. Expect a lot of hesitant action going into it.