The economy created 96,000 jobs last month, significantly below the consensus estimate of 125,000-140,000. The ADP private payroll report number, which is considered a guide for how the official jobs number will go in any given month put the number at 210,000. Whoops.
The unemployment rate dipped .2% to 8.1%. Good news right? Nope. It dropped because people are just checking out of the job force.
But the pre-market movement isn’t strongly down at this moment. Why?
Because the bad jobs number makes is even more likely that Bernanke will act soon and the Street likes it when Ben opens the monetary floodgates.
Bad economic news is good news for the stock market these days. We are now completely and totally addicted to Quantitative Easing.