REVISIONS HELP BLOW JOBS NUMBER AWAY

Holy Revisions, Batman!

Here’s Lil Weezy at Business Insider:

Nonfarm payrolls came in right in line with estimates at 114K, but the unemployment rate tumbled to 7.8 percent from 8.1 percent last month.

What’s really good is that last month’s number was revised upward to 142K from 96K.

July was also revised up by 41K.

Private payrolls came in at 104K, lower than expectations of 130K. Last month’s private payrolls number was revised down to 97K from 103K.

Will be interesting to hear the Romney response, the Republicans have to toe the line between saying this still sucks but not coming off as through they’re maliciously rooting for worse employment numbers each month (they are, sorry to shatter that illusion, they’d be happy to see your family starve to death if it meant they’d nudge up a quarter of a percentage point in the polls. Don’t worry, the Dems would be the same way if they were the challenging party.)

Anyway, back to the stock market, I forgot if good news is good or bad…if this is the beginning of something good, does that mean less QE? Or more QE because it’s proof that what Bernanke has been doing is starting to work? I bet the consumer discretionaries rally regardless. And watch the homebuilder/banks contingent too.