Mediocre June Jobs Data at Best: Boockvar
Published: Thursday, 5 Jul 2012 | 6:05 PM ET
By: Justin Menza
News Writer
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.”
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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.” |
