Posts Tagged ‘Canada employment’

Notes From Underground: Kuroda Sings Karaoke … “We Didn’t Start The Fire”

April 7, 2013

Yes, the U.S. and Canadian unemployment data were well below market expectations. Nonfarm payrolls in the U.S. were half of the consensus number and under the 110,000 NFP that we wanted to see so as to test the resolve of the recent equity market rally. Not only were the jobs created numbers weak–manufacturing actually lost jobs–but the important average hourly earnings were flat (0.2% increase expected) so there is no growth in consumer spending potential. As poor as the data release was, by day’s end the SPOO and DOW¬†rallied well off the lows made early in the day. The impact from poor economic fundamentals was not strong enough to overcome the continued release of central bank liquidity into the global economy.