Weekly jobby job numbers are out at 8:30, with April job loss numbers out tomorrow. Much has been made of the ADP prediction that after a string of 600,000+ job loss months, that America lost less than 500,000 jobs in April, which would in fact be good news if correct. If that's true, then the rally in the markets will pick up steam.
Which is actually unfortunate. What we're looking at here is a swimmer finally breaking the surface after being swamped by one wave, poking his head up to get badly needed air only to not see the second wave behind him.
[UPDATE] 601,000 new claims last week, still high but not as bad...but continuing unemployment claims up to 6.35 million. Labor productivity rose in 1Q 09, up 0.8% despite the loss of nearly 2 million jobs in the first 3 months of the year.
Tomorrow's numbers will be very important. I don't buy the 491,000 prediction, I'm still calling well over 500k.
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