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October Jobs Report More Good News Than Bad?

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  • Description

    Jefferies chief global equity strategist Sean Darby breaks down the October jobs report.

  • Duration 2:24
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-- nickel thank you as always.

So headlines on Wall Street today the number of jobs added last month actually beat estimates but the unemployment rate ticked back higher so is this a case of slow and steady wins the race or just another sign.

That the US economy is nowhere near a real recovery -- me now is Sean Darby shot his chief global equity strategists.

At Jeffrey -- welcome to you tell me -- October jobs report when you characterize it is more -- more bad news.

There was more good news I think we've had -- state served with a loss -- I've been adequate factory orders number as well over the last 44 hours.

But the key really is being that -- -- to deferments.

All -- capex spending by companies coming into the US election presumably ahead of the fiscal cliff discussions I think -- -- still -- -- for growth alongside what you've seen from our consent -- GDP numbers over the next.

Couple of weeks so I think the still goodness trends.

Noted some of the macro data releases but the activity.

They'd be neutral thing for the states -- number was actually slightly that's about in the whole scheme of things I think things are still be slightly -- towards the end of the year.

-- and knowing approaching shine on the jobs data that you mentioned standing in the overall economic impact -- thinking in terms of GDD excuse me GDP points.

Well the estimates -- really I think it the early sort of testaments appreciate both about a half a percent -- during this quarter.

Which will mean that since early estimates were for about a -- 1% of GDP QQ force of redemption -- hard.

So he's gonna -- be meaningful impacts and fortunately.

And if there's repair work in the -- sort of spending yeah would be -- to -- -- -- you know the last drag on growth from.

The electricity shortage and -- Right into the components of that half percentage point you're predicting GD PV -- -- as we approach the fourth quarter this is -- time of year retailers right 40%.

There in -- comes from spending is that we -- seeing the real damage.

Yes and also the fact that you sure electricity shortages and social impacts on businesses and -- -- of the produced goods.

Ahead of the week ahead of the Christmas season so yes -- consumer spending.

And also the fact that you can have quite a -- on media production numbers as well as the cause of the electricity.

This is gonna be more open meaningful negative impacts them entering into the into the yet.

Alright Sean Darby thanks for -- now for --

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