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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 7 4:00 PM EST

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To: Haim R. Branisteanu who wrote (52886)	6/2/2000 1:22:00 PM
From: Crimson Ghost	Read Replies (2) of 99985

Bank Credit Analyst Skeptical of Jobs Report U.S. Employment: A New Trend Or A Bogus Report? (Fri Jun 02 09:30 2000) Today?s employment report showed a sharp drop after excluding census jobs. This report is at odds with all other labor market indicators. The weekly unemployment claims series has been stable at very low levels (no layoffs). Surveys of new hiring have stayed strong (Manpower employment, NFIB job openings and the Conference Board?s ?jobs plentiful? indexes, as well as the Fed?s Beige Book). Therefore, we would not read too much into today?s data, as the report is notoriously volatile. The explosive rise in bond and equity prices will, however, stimulate an economy that is still in need of restraint. While the Fed may decide to stand pat at the next FOMC meeting, this would only stoke the equity mania and risk forcing tougher monetary medicine down the road.

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