Friday, April 06, 2007

The BSLS Jobs Report

I know, it's supposed to be the Bureau of Labor Statistics - BLS - except I call it the Bull Snot Labor Statistics.

Why anyone pays any attention to this totally bogus number is beyond me. Everyone knows that it is bogus - that it will be revised 16 ways from Sunday for the next 6 months but yet they hang on it as if it were real. The fact that it is never revised upward - only downward has to inform you that it is absolute political crap. The Fed doesn't even use it yet the currency market reacts to it as if it were from the mouth of God Himself -
Jobless Rate Drops: 180,000 Jobs Added
And here is what happened to the USDJPY

And the EURUSD

And why did they do that? Because any large increase in employment means that the economy is strengthening and that, when coupled with inflation, will require the Fed (if they believed this bull snot for a moment) to raise interest rates and make the dollar worth more.

So what does that mean for the markets on Monday? Who knows - Monday's a long way away and this will just be so much old news by then.

No comments: