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The Blackbay Group managing principal Todd Schoenberger weighs in on the jobs report and the markets.
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Trail.
Well all of this it really getting a strong markets right now because stocks have been trading steadily higher after we did get the September jobs report this morning that was released before the bell might -- so says.
This is a knee jerk reaction from the markets type Schaumburg of the black baker managing principal a joins us now what -- here action by the way tied to -- astronomy with sang the first.
Just -- the markets are for just a moment you're trusting these numbers you -- markets overreact -- -- we look first of all Wall Street's going to forget poor macro data and of its good of -- decent even better look right now the Federal Reserve's every played their hand.
So any weak data just like we just -- in the GDP report -- one point 3% to look at the headline number here 1141000.
Regardless what the numbers are Wall Street stove and it advance higher the question will be what do we see for the month of October even the revision for September and that's for traders are gonna pay attention.
You know one of the things that -- -- talking about a I was very actually he was saying you know my energy policy let's get domestic production energy production going in this country that would be a job creator.
Is that what we need to be looking for jobs now -- not quite saying and.
Well it Mitt Romney can also talk about the manufacturing jobs I mean you look manufacturing jobs have been evaporating so when you dig into the details of that -- jobs report today.
You really see the manufacturing jobs have been eliminated -- DC government jobs advanced 45000 was the provision for August another 101000 for September you can actually credit that more to to education kids get back in the school teachers that.
Getting back to work but -- but should he focus on domestic get look this is a global world right now Sheryl so any businesses that we have in America.
Yet to start suspecting that yes you're looking export -- -- looking at imports.
But clearly don't -- doing.
What about something and this is kind of been a running commentary this morning among some on the street and some that are also from the street like Jack Welch used to run GE.
You know Americans -- -- -- -- McCain came up today at the statement these numbers are manipulated.
Basically that the market is based trading on politics should Jack Welch the former.
CEO of G come out -- -- Chicago guys you know way to play politics with the -- -- -- -- Let's not well thought happy -- I think what you have to ask yourself is how to Wall Street get the numbers are wrong -- the unemployment rate you look at Wall Street consensus we were looking between eight and eight point 3%.
How -- smartest guys in the room down a Wall Street.
Get this number so terribly wrong or more importantly which traders about of the -- went to -- -- -- tell them let's straight -- it's not.
Hello America I mean here this guy can say whatever he wants to you know what let -- see nobody wants that's what he believes that's what's so great about -- in this country but bottom line is this.
Is it going forward Wall Street is now looking at this number because Ben Bernanke actually -- 7% unemployment is going to be his bonus number and that's going to be the number than when he -- Only person that could see this number before the rest of us -- -- -- be the president of the United States that would have been last night you gotta wonder if the Fed had any indication that this type of number was coming.
From the jobs report before hello I elites share a lot I don't know.
I completely agree with you because then if you look at the -- vision of anything he wanted -- weak number today that C help support the fact that yes they pulled the trigger on further accommodation and the you have to look at a 142000.
Was a provision for August it Ben Bernanke knew that that was the case.
Why would you do anything and their word that you're actually going into a whole another conspiracy theory have you have an independent Central Bank where they leaned on by the white.
House payment you know the market this is what happens entree to us around here.
Touch number thank you very much -- he shouldn't have.
