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June 05, 2006
Well, that was an interesting employment report. Although you might find some comfort by taking the longer-term perspective provided by Calculated Risk, it is hard to put a very positive spin on a number that was less than half as large as expectations. At Angry Bear, Kash opined that the much lower than expected payroll gains for May shows "clearly the trend over the past few months is not a good one." At Econbrowser, Jim Hamilton adds the employment trend to the ever more colorful "picture of slowing growth." The Capital Spectator likewise sees the report as the "latest smoking gun suggesting that the economy is in fact slowing." The Skeptical Speculator similarly thinks "Indications of a slowdown in the US economy are getting stronger." At The Big Picture, Barry Ritholtz was less kind. Brad DeLong can only sigh.
And the market that had become so convinced on Thursday that another 25 basis points was baked in the policy cake for June have, um, changed their minds. Again. The pictures:
The data and details will be available later today, at the Cleveland Fed website.
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