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Jobs Data Good, but Good Enough?

August 03, 2012
The 172k rise in July private sector payrolls was well above the consensus forecasts and the best showing in 5 months. Hourly earnings rose 0.1% and the work week was unchanged. After a string of disappointing news this is surely, welcome, but it may not be sufficient to allay concerns at the Fed.
The three month moving av…
Jobs Data Good, but Good Enough? Jobs Data Good, but Good Enough? Reviewed by Marc Chandler on August 03, 2012 Rating: 5
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ECB Post-Mortem and US Jobs

August 03, 2012
The US dollar has surrendered around half of yesterday’s gains as European investors, more so than Asia, seemed to look past the drag from Draghi and anticipate a stronger European response next month and a jobs report that will keep the Federal Reserve looking to provide more support. Asian shares finished lower, ostensibly hurt by the decline …
ECB Post-Mortem and US Jobs ECB Post-Mortem and US Jobs Reviewed by Marc Chandler on August 03, 2012 Rating: 5
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Great Graphic: Euro Zone Mfg PMI and GDP

August 02, 2012
Here is a Great Graphic spotted by the Also Sprach Analyst blog, from Bloomberg.  It shows how well the euro zone PMIs track GDP.  It also captures the sharp erosion of Germany.


The austerity regime that dominates can only undermine growth prospects.  Moreover, more austerity is required next year and not just to replace some one-off measures.  



Great Graphic: Euro Zone Mfg PMI and GDP Great Graphic: Euro Zone Mfg PMI and GDP Reviewed by Marc Chandler on August 02, 2012 Rating: 5
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Fallout from Draghi: Do What is Necessary but Not Yet

August 02, 2012
Many observers seem dumbfounded by the lack of action to support official claims to do what is necessary.  The market's reaction has been swift.  European stocks reversed course.  Spanish stocks are off almost 4%, led by a 5% drop in financials.  Spain's (generic) 10-year bond yield is back above 7%.  
The fact that Draghi suggested that i…
Fallout from Draghi: Do What is Necessary but Not Yet Fallout from Draghi: Do What is Necessary but Not Yet Reviewed by Marc Chandler on August 02, 2012 Rating: 5
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Central Banks Do Nothing, Promise More

August 02, 2012
The ECB has disappointed the market who expected some action after Draghi's strong comments last week.  In anticipation the euro was briefly taken through the $1.24 level only to be sold down to new lows for the week, below $1.22.         

Draghi did not break new ground.  He reiterated what was already known.  Countries need to formally req…
Central Banks Do Nothing, Promise More Central Banks Do Nothing, Promise More Reviewed by Marc Chandler on August 02, 2012 Rating: 5
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