Overlooking Construction, Car Sales & Employment Numbers
U.S. stocks rallied a very significant 3% today on news that the ISM manufacturing index was significantly stronger than expected.
While the ISM numbers were indeed stronger than expected, they hardly justified such a response, especially considering that the three other key data released today, the ADP private employment estimate, car sales and construction spending all were
very weak and indicated an economic contraction.
If Friday's official employment numbers are as weak as they likely are, today's rally will be quickly reverted.
While the ISM numbers were indeed stronger than expected, they hardly justified such a response, especially considering that the three other key data released today, the ADP private employment estimate, car sales and construction spending all were
very weak and indicated an economic contraction.
If Friday's official employment numbers are as weak as they likely are, today's rally will be quickly reverted.
posted by stefankarlsson at 10:33 PM
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