Mediocre June Jobs Data at Best: Boockvar

A “not too hot, not too cold” jobs report will not be good enough for markets, Millar Tabak’s Peter Boockvar told CNBC’s “Closing Bell.”

Tomorrow in 30: All About Jobs
Tomorrow in 30: All About Jobs

The June jobs report is due out before the opening bell on Friday. Economists expect to see about 90,000 jobs were added to nonfarm payrolls, according to a survey by Thomson Reuters, though some economists have bumped their estimates up to 100,000 or more.

Still, a gain of 100,000 or 150,000 jobs would be mediocre at best, Boockvar said.

“The data won’t be hot enough to impress those that want a better economy and not cold enough to get the Fed to do more quantitative easing,” he said.

“Jobs are a lagging indicator,” he said. “They don’t lead an improving economy, they follow. And if you expect, as I do, that the global economy is going to slow, job growth is not initially going to happen to the extent people think.”

Quint Tatro, founder of Tatro Capital, isn't expecting a third round of Fed easing, or QE3, either.

“With the ADP jobs report stronger than expected and the ECB cutting rates, if the jobs report is decent, I like the idea of shorting gold against a stronger dollar and the fact that QE3 will be off the table.”