Private payrolls increased 209,000 in October, according to this morning’s report from the US Labor Department. The gain was moderately below the consensus forecast, although last month’s advance still looks good. Indeed, the private sector added jobs at or above the 200,000 mark for the ninth-straight month — the longest run of consecutive monthly growth at or above 200k in two decades. Nonetheless, today’s release still leaves room for debate about whether the US economy is accelerating. This much, however, is clear: the moderate expansion of late rolls on.
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Daily Archives: November 7, 2014
A Stronger US Economy Takes A Toll On Bonds
This week’s encouraging numbers for the US labor market (jobless claims and ADP’s estimate of private-sector jobs) suggest that today’s official report on payrolls from Washington will deliver upbeat macro news as well. But another round of bullish headlines will weigh on bonds, which have already started to sag.
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Initial Guidance | 7 November 2014
● Eurozone rescue plan: ECB to deploy €1 trillion stimulus | Telegraph
● German industry output rises 1.4 percent in Sep | Reuters
● UK Industrial Output Rises More Than Forecast on Oil, Cars | Bloomberg
● French industrial production was flat in September | Marketwatch
● Economists Predict Weak Start to China’s Fourth Quarter | ChinaRealTime
● Two Reasons The Fed Will Be Slow To Raise Rates | Ciovacco Capital Mgt