The headline says what's so weird about markets in the central banking age: Bad news is good news.
In this instance, the August non-farm payroll report delivered only 151,000 net new jobs when expectations were for 180,000.
While it wasn't a huge miss, and, the BLS NFP report is one of the most conflated, untrustworthy, fragile and ultimately revisionist data points delivered to markets every month, it still holds water with the investing class.
The point taken here is that since there seems to be not enough jobs created to keep the economy humming along at anything more than a 1-1.5% growth rate, the Federal Reserve will not have any good reason to raise rates at their next meeting, in about two-and-a-half weeks.
Halelujah! The party continues.
Dow Jones Industrial Average
18,491.96, +72.66 (0.39%)
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2,179.98, +9.12 (0.42%)
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For the Week:
Dow: +96.56 (+0.52%)
NASDAQ: +30.98 (+0.59%)
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NYSE Comp.: +107.59 (+1.00%)