Monday, January 9, 2017

Slowing Jobs: Stocks Need Trade Boost And Tax Reform: But How Much And When?

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*Non-farm payrolls continued their slowing trend on Friday.

*Now with another rate hike this trend can continue lower.

*We see the market near a peak as investors may be overly optimistic for manufacturing jobs and tax cuts.

The all-important non-farm payrolls ("NFP") weakened as we expected on Friday. NFP came in at 156,000 versus our expectation of 160,000 but below the Street's 170,000. There is an important downtrend taking place in the jobs reports that is being ignored by the Street. We don't think coming trade or tax policies are going to help soon enough. Ultimately a jobs slowdown is a key economic ingredient that can hit markets (NYSEARCA:SPY).
NFP Slowing And Missed Estimates


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