Global Macro Perspectives
(For September 2010) ADP Employment fell 39,000 in September vs. revised (up 20,000) gain of 10,000 in August. Consensus was at +20,000. Nonfarm payrolls on Friday (rule of thumb) will be negative, probably missing -54.000 consensus. Unemployment will rise. Chart 1. ADP Employment
(For September 2010) Challenger’s count of layoff announcements was reported at 37,151 in September vs. 34,768 in August. Chart 1. Challenger Job-Cut Report
(For The Week Ending October 1, 2010) MBA mortgage applications fell 0.2% , prior reading was a decrease of 0.8.%. Refinance index fell 2.5%; Purchase index rose 9.3%. Chart 1. MBA Mortgage Applications
This months strategy is a little bit late because your favorite blogger is feeling (a bit) nihilistic in the last weeks. We have had a nice run in September in almost all asset classes. Reasons: recent economic data is not deteriorating as fast as feared and the central bankers determination to extend monetary stimulus is stronger […]