Employment Report Tomorrow

I made my comments on this earlier.

tradersutra.blogspot.com/2009/08/adp-data-less-catastrophic.html

Tomorrow's report probably is the truest report we will have from the government. I expect the unemployment rate to reach 9.7%, but will not be surprised if that figure is massaged.

For the record, the "experts" are expecting July job losses of "just" 333,000. That would be considerably better than June's 467,000, which, incidentally, the "experts" had predicted would also be lower.

The unemployment rate is expected to rise from 9.5% to 9.6%. But don't be surprised to see a lower jobless rate because people who are out of work for a long time don't qualify to be counted.

If a person becomes chronically unemployed or under employed he becomes part of an unemployment figure called the U-6, which has risen from just 10.3% to 16.5% in a year.

That's right! 16.5%!!!!

What ever the figure is, its going to have to be a real bad figure to move stock index futures lower. My guess is that the fools on CNBC as well as in DC will put some more lipstick on Porky.