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Matson Money CEO Mark Matson and Scott Martin of Accent Asset Management weigh in on the U.S. employment picture.
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Are looking at one heck of -- -- with regards to the markets and investors are clearly liking the latest job numbers take a look at these numbers but how -- tomorrow's big monthly unemployment report be received.
By the markets overall mark Mattson Mattson money founder and CEO Scott Martin -- advisors chief investment strategist.
My has now I'm mark the first wanna go -- -- we're saying.
I you're just -- during the mayor of New York City talking about gave the power back on the rebuilding effort the markets -- -- reacting to these numbers.
From what we got from the government from -- Well the the market might like them but I think their complete fabrication and fantasy and it looks that the -- last month.
We had an estimate of a 160000 new jobs that was revised down to 88000.
Not this year this this month you have over a 158000.
With new methodology I find it very interesting that you have zero job creation except for the last two months before the election I find it very dubious but even with these numbers.
Unemployment is expected go back up because the real numbers from last month just came in complete fantasy in my book.
All right Scott -- -- that assessment.
And a say yeah I I I do I met -- -- -- -- -- how -- just a complete fairy tale which I think marks alluding to which is the unemployment rate Cheryl.
There's two surveys here let's let's face it there's establishment survey which actually serviced real business as a 100000 plus -- and -- -- how many people did you hire fire last month and -- net that out.
The other one is the household survey call people upon announcement they have a job how many jobs they have it they're looking for work that numbers -- point out last month Cheryl.
Almost 900000.
Jobs I'm not mistaken -- -- -- thousand jobs were supposedly created in September alone.
That number is way off that was the -- -- about ten years.
I think that's coming down because if you look at GDP numbers at 2% productivity as we got this week growing in the third quarter at about 2% as well right there's no way -- economies -- The only time I just wanna take a look at the Dow really quick if we can't ever developing at a Dow that's up a 130 that was triple digit move here a lot of it is based on.
Not just the jobs it and we got a -- meaning that auto sales October.
Same store sales from many of the nation's retailers coming in strong ISM.
Freddie Mac mortgage rates and mean consumer confidence all of the -- -- pointing to a better.
Economy yet frankly in both the view seem a little bit nervous mark where's the disconnect here.
Well I think -- get it yes -- -- might be small improvements.
But the reality is the whole situation stinks.
I mean let's look at 47 million people on food stamps 23 million people unemployed.
And a hundred million people.
One well one type of welfare or another not including Social Security or -- Medicare Medicaid so we complete economy.
The only thing that's saving this economy.
Our hardworking entrepreneurs small business people CEOs people are being creative but make no mistake about it.
We are still hobbling along what we need is there Reagan asked.
Recovery true recovery of a million jobs a month wait until we get that the market could still go up but this -- going nowhere.
Apostles got -- -- I'm back to the ADP number I mean if you look at it it was corporations and friend Doug dean of beyoncé change away they tight -- of the numbers because -- partnership with movies but.
These are large scale corporations that are hiring I mean maybe there isn't trends are positive trend that -- ignoring.
Well listen sure I'm not.
No doubt that there's some hiring going on out there I just don't know if it's a 300000.
-- and I think it's probably somewhere around 75000 that's my prediction.
For the number tomorrow and yes let's call.
That change between Moody's and macroeconomic advisors -- previously been working on the ADP number timely I guess because they got a good number out right before the election.
But let's not forget -- -- you know they take the survey for the unemployment rate and for the nonfarm payroll number.
In the third week in the second week of the month so.
The Bureau of Labor Statistics being out of power you know maybe those electric pencil sharpener is that they're using -- the BLS were not in operation actually earlier this week.
They use their satellite offices to come up with a number and -- number tomorrow look a little bit cloudy to me.
I don't know I don't know we're gonna have to say -- lot of question marks about the data I agree with you on that how exactly outside day is Scott -- Mark -- gentlemen always a pleasure thank him.
Well -- -- me.
