Zeev's Turnips Patch-No Politics (ZEEV)

[punkle]

Agreed, but I'm not sure the employment numbers have really sunk in yet and they are bad. Why? Because the 6.2% number that people focus on which came in better than the 6.3% consensus is only based on 60,000 households meaning that number (good or bad) is always suspect.

The nonfarm payrolls (down 44,000 in July and revised down 72,000 in June instead of down 30,000) is very bad news. This data is based on a business survey of 375,000 businesses representing millions of employees so is therefore far more representative of what is really going on vs. the 60,000 household survey.

That might be the number that is taking us down right now.