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Hiding Bear

B4 The Bell Frieday August 6

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8:30am 08/06/04

 

U.S. July nonfarm payrolls up 32,000 By Rex Nutting

WASHINGTON (CBS.MW) -The U.S. economy added 32,000 nonfarm payroll jobs in July as hiring slowed for the fourth straight month, the Labor Department reported Friday. It was the slowest job growth of the year. Economists were expecting much stronger payroll growth of about 235,000 in July. Payroll growth in May and June was revised lower by a cumulative 61,000. Meanwhile, a separate survey of households showed the unemployment rate fell to 5.5 percent from 5.6 percent as 629,000 more adults were working. In July, hiring slowed across most sectors. Goods-producing industries added 18,000 including 10,000 in manufacturing. Services-producing industries added 14,000 jobs, the lowest since August 2003.

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32,000 jobs -- ignore the fictional 5.5% U-rate -- crumbs for the peeps.

 

Bonds soaring -- dollah tanking -- gold soaring -- stock fucutures tanking.

 

My kind of day. :lol:

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LLD, I also understand RE has remained almost surprisingly strong, so far.

 

Yet from a personal POV, I'm hearing a slightly different story. I have a brother over there who has had his house on the market since before the beginning of the year. He's dropped his price, but it's not moving. It's a little surprising, because he is a consummate salesperson and has successfully sold a couple of previous properties, even in difficult markets.

 

I suppose it's very much a regional thing.

 

Since he's planning to use the equity to finance consumption expenditure and has no savings - at age 37 - my personal belief is that essentially being forced to stay in a house that is partially rented out and covering the mortgage, is probably not such a bad situation, in the big scheme of things.

 

By the way he attributes my gloom and doom economic views to an excessive interest in financial matters, while I would say the opposite of him. B)

 

From the Guardian

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Anuthuh muy curioso thing that Ranger Rick pointed out --

 

Fed funds fucutures still indicate a 25-bip hike next Tuesday, though September's becoming more of a "horse race."

 

BUTT (_)_) -- what Uncle Al needs as cover to back off on Tuesday's hike is -- get this -- RISING EARL PRICES -- which he regards as a kind of market tightening, obviating the need for action on his part.

 

That is shockingly inverted logic. It means accommodating inflation, which would have given Paul Volcker a heart attack.

 

But the bizarre result is that to kill next week's rate hike, the Matrix needs to drive up the EARL PRICE to fifty dollah.

 

As urban denizens used to say in the old underground comix -- "Man ... white folks sho' is crazy!"

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Looks like they are willing to sacrifice stocks to get another round of refi madness started. ITS NOT GOING TO WORK.

That's what I think too.

 

I recently bought a house and paid 2 points to get my rate to 5.125 from 5.5

 

It's not going to be proven a smart move after all.

 

We are not Japan. Yeah right!

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