Originally posted at Capitalstool
The jobs report coming Friday will be based on a survey taken November 12. On that date, HR managers would have been looking at their employee counts as of the end of October. At that point, they were way above the prior month, based withholding tax collections. This implies a positive surprise in jobs growth. That would shatter the goldilocks narrative. Serendipitously, it would be in the opposite direction of the actual drop that happened in November.
And how did the bond market like the news?
It didn’t.
