Update: Market Mover Friday: TOTUS let jobs number out of the bag?

Update: Friday 8:28am EST: Here come the numbers…..

Consensus is a wiiiiide range-160- -320…

-247k, JULY, Unemployment rate 9.4%. It went down from 9.5%? whaa??? Diane Swonk on CNBC just noted that rate fluctuates as people drop off and give up. College students graduating should push it back up she theorizes…

(Much better than consensus which expected 9.7%)

Revisions May/June- net upward +43k

How did the UE rate not move? And yes TOTUS telegraphed this yesterday clearly…

14.5 million unemployed

Long term unemployed increased to 5 mill overall…..

Futures are rallying….

I look forward to analysis of this number as it makes no sense to me…..

Rick Santelli- 2 yrs selling off, flattening of the curve…’market is getting sensitive to any data trying to tighten itself (Rick is on record the Fed will miss the boat on tightening)…

Thursday: TOTUS just said on live TV we are at the beginning of the end of the recession and we are losing jobs at half the rate we were..

Kudlow just noted that TOTUS already has the data: when he worked at OMB, POTUS gets the monthly jobs number around 430pm the night before the release, suggesting TOTUS is broadcasting tomorrow’s number…

I am on record for a double dip already, the RUSH and PUSH for clunkers funding is to give a fake boost to 3Q GDP….it may work but it will not fly long term….we cannot sustain the funding as treasury reported this week….

Makes me wonder WTH they are doing with the numbers to get good data when anecdotally everyone is out of work….adding government jobs, counting the summer youth employment which got billions from stimulus, these things can skew the data…

August 6, 2009. Tags: , , , . Labor Department, Obama Administration, Politics.

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