July Non-Farm Payrolls better than expected: Up 117,000 and the Unemployment Rate drops to 9.1%. 85k was the whisper number. The number blows in real life (we need 125k a month just to tread water) but it was nice to see private sector hiring (154k) picking up the slack from the government contraction.
Markets will breathe a sigh of relief that we didn’t totally fall off the cliff on this metric.
In other words, we could see that Rip-Your-Face-Off Rally ™ I told you was brewing out at sea…traders, go have some fun. Civilians may want to just chill out and watch.