Today’s job report and your portfolio…
Heard about today’s jobs report and how important it supposedly is for your portfolio? Let’s see the headlines:
Job growth anemic in May
• Stalled economy? Nothing to be done (First Take) | Jobs worse than worst estimates: Johnson
As good, flexible traders we should take this new macroeconomic data point that some agencies inside the government have adjusted for seasonal and birth and death rates and other things…well, what, pray tell, are you actually supposed to do with the information that a country of 300 million people added 50,000 fewer jobs than a bunch of economists guessed it would in the last few weeks. And now those same economists who never foresaw saw the 2007 collapse or the 2002 collapse or the housing bubble or the tech bubble come and go are “worried”.
I’m going to move on…today’s job number was already priced in, tells us nothing new, and will work to distract us from what matters if we let it.
As for our individual stocks today, nothing’s moved more than 1% or so, and it looks like it could be a quiet trading Friday…yes, despite all the breathless commentary about how jobs weren’t as good as some poll of some clueless economists guessed it would be.
