"Then Peter began to speak to them: ‘I truly understand that God shows no partiality, but in every nation anyone who fears Him and does what is right is acceptable to Him.'"
Acts 10:34-35
“The fine thing about pacts with the devil is that when you sign them you are well aware of their conditions. Otherwise, why would you be recompensed with hell?”
Umberto Eco, The Name of the Rose
Wall Street got the Non-Farm Payrolls number they wanted today. And from the UK election results as well.
The report came in-line on this month's jobs, with a lot of help from the imaginary jobs cooked up by the BLS Birth-Death model, and there was less wage growth than expected, almost none.
Not to notice that they took the prior months number and cut it about 40%, scraping those jobs forward. As regular readers know they do this quite a bit.
Given the sloppy numbers on inventory build we saw yesterday, it looks like 1Q might turn out to be a 'kitchen sink' quarter where they shove a lot of the bad news on jobs and GDP, and manage perceptions going forward since few in America ever seem to bother with history, even the history of three months ago.
This is what the financiers like. Lots of underpaid servants, bartenders, busboys, and on-demand workers drones that know their places.
Have a pleasant evening.
