Oh, No, NFP Day !

Here we are, teeing up another Non Farm Payroll report.

Consensus is for 95,000 jobs — a mediocre number, one in context with the rest of the economic data we have been seen.

BLS report is out at 8:30 a.m., and the Bloomberg survey of economists estimates ranged from increases of 50,000 to 165,000.

To put this into context, the total Labor Pool is about ~150 million people. Each month, some ~4 million folks leave their job, and another ~4 million people start new jobs. The net difference between the people leaving and people coming into the new jobs is the monthly NFP.

Hence, most people make too much of a deal about is an important long temr trend, but as a single data point, not so much.

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