"Abysmal, But Put It In Context": Wall Street Reacts To Today's Jobs Report

Zero Hedge | 3/8/2019 | Staff
monna (Posted by) Level 3
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Today's payrolls report was so bad, that it blew right through the "just bad enough" category, and failed to even register as good news for stocks and algos, which would otherwise have sent markets surging as the number defecated on the grave of any future rate hikes and brought the moment of QE4 that much closer.

Needless to say Wall Street was confused, if not shocked, by today's unexpectedly ugly report (even if, as we reported ahead of the number, the whisper was for a far worse print). However, that does not mean Wall Street was speechless, and as the following hot takes reveal, research analysts and other sellsiders had quite a bit to say about the number, with some saying it was truly ugly, others saying to ignore it, and a third group saying it was, what else, Goldilocks and they are not surprised at all.

Kristina - Hooper - Market - Strategist - Invesco

Kristina Hooper, chief global market strategist at Invesco:

“The February jobs report was abysmal in terms of non-farm payroll but we have to put it in the context of incredibly strong January nonfarm payrolls. However, that is not going to be solace to investors, who have been put on alert by dramatic changes in monetary policy stances by first the Fed and then the Bank of Canada and most recently the European Central Bank. This jobs report will only amplify market worries.”

Sameer - Samana - Market - Strategist - Wells

Sameer Samana, senior global market strategist for Wells Fargo Investment Institute.

“If the weakness continues next month and there’s no revision to this month, it’s a meaningful deceleration in the outlook for the labor market. Given what happened in the fourth quarter, it could be that companies now are at this point at least deciding to really curtail hiring. If there’s going to be all these uncertainties around trade, politics, possibly taxes as we head into...
(Excerpt) Read more at: Zero Hedge
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