The all-important Employment Report was positive beating estimates but was lower than previous reports (227K new jobs vs 210K expected & prior revised higher 284K: unemployment rate unchanged @ 8.3%). Under the radar screen were Business Inventories missed (.4% vs .6% expected & 1% prior), and the Trade Deficit worsened (-$52.6B vs $-50.4B). The latter was caused by petroleum which will heighten domestic energy policy debates. The trade report caused Goldman Sachs (NYSE:GS) to lower GDP estimates to 1.8% as if anyone cared.
"Soon or late, everyone sits down to a banquet of consequences."
Robert Louis Stevenson<READ MORE>