Day 2 of 3 in the analysis of the August jobs data continues to disappoint the crew here at LandColt Trading. Yesterday, we received the figures from the Challenger report and as noted before, roughly half of the job losses reported were from the Federal Government. The last thing you want to see are job losses from the Gov't during a recessionary period! This is not a good sign.
Then today, we see a figure of 570,000 claims for the week ending August 29th. Yes--not a 6-handle, but not a 4, either. This is disappointing and is causing us some angst as we get ready for tomorrow's blockbuster report--the August non-farm payroll report from the Labor Department. (The report is scheduled to be released at 8:30am NYT)
The lone bright spot is the 4-week trend is decelerating, but not as rapidly as we would like to see.
Here's more detail from a Reuters article with a quote from yours truly.
We're still analyzing the retail figures and will respond shortly.
Talk to you,
Todd M. Schoenberger, Managing Director
LandColt Trading, Inc.