Check these guys out, they're forecasting a drop in U.S. nonfarm payrolls of 868 000 jobs. I do not know how accurate their forecasts are but they claim they are the more accurate than the consensus. Will be interesting to see. http://www.wantedtech.com/pdf/press_releases/PR_2009-03-05.pdf How will the market take the news if it comes out that bad or worse?
Yikes, I see the consensus for tomorrow's numbers are much smaller than the above: Mar 06 08:30 Nonfarm Payrolls Feb Briefing -650K Consensus -650K Mar 06 08:30 Unemployment Rate Feb Briefing 7.9% Consensus 7.9%
I don't have a clue how good or bad it will be, but I think that a decline of 868 000 jobs would be quite demoralizing for the market given what consensus is. Or, are people expecting the worse and thinking it will be a decline of over 1 000 000 where anything less will deliver a sigh of relief. Guess we'll see.
We are in the final phase of the "Destruction" of Wealth. I would not be surprised that the numbers come in between 700,000 to 800,000 jobs lost. We will have a few more numbers in that range as the Towel is thrown in. The rally in NYC on "City Hall" with the Socialist, Unions, Gov Workers is just the start. We are in PANIC phase and this could last through summer. Will their be riots, yes. Will things get burned down, probably, but when the smoke clears...people will understand that the Class System is in place.