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Jeremy Frommer, CEO of Hedge Fund LIVE Jeremy Frommer has 20 years of industry experience and is currently responsible for general management and leadership of the General Partner. Previously, Mr. Frommer was a Managing Director and Head of the Global Prime Services Group (“GPS”) at RBC... More
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  • Oct 2010 Non-Farm Payrolls 0 comments
    Nov 5, 2010 3:32 PM | about stocks: SPY
    Big number on the surface coming in at 151K total NFP vs 64K expected.  Pretty much a good number across the board as the private sector gained 159K jobs vs 80k expected.  The birth death adjustment was for 61K positive which is not good in general but even if you take out the entire adjustment you still beat the consensus estimate.  One issue I see is the possibility of some manipulation by state and local governments as the election probably impacted the desire of incumbent politicians to continue firing subordinates in the month of October.  The government payrolls including census workers has been negative approx 150K jobs or the last 3 months but suddenly it was only negative 8K in Oct 2010.  This smells like incumbent politicians didn’t want to make any waves ahead of the election which could simply mean that the trend of 150K government job losses per month resumes in next month’s BLS number which could mean that we are in for a disappointment in December.

    Disclosure: None
    Themes: BLS, Jobs, Non-farm Payrolls, Payrolls Stocks: SPY
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