We can’t even party like it’s 1982...
If Tuesday’s mid-term U.S. elections and Wednesday’s FOMC meeting were not enough to cause agita for you, then there is always the chance this morning’s U.S. nonfarm payrolls report will do it.
The market is looking for a gain in private payrolls for October of around 80K to compound last month’s reported 64K build. Overall nonfarm payrolls are expected to grow by around 60K. In September total nonfarm jobs reportedly fell by 95K. The unemployment rate is expected to remain at 9.6%. (Update: Stronger Jobs Report Signals 'Moderate Recovery')
In other words, the report is expected to be bad, or as Wall Street loves to say, it is expected to be "less bad." After all, a 64K increase in jobs is a hell of a lot better than a 95K decrease, but it is well below the 200K to 300K required to turn the employment picture around.
On Wednesday we got a preview of this morning’s report. The ADP Employment Change increased by 43K and the Challenger Job Cuts fell 32% in October from a year ago. Both reports were… get ready for it… less bad. A 43K increase from ADP was better than last month’s 39K decrease, but again, it is still not good enough.