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.”
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.”