Today’s ADP Employment Report for July isn’t really encouraging but it does tell us that there’s still job growth. It’s modest at best, but the fact that the labor market is still expanding at this point suggests that the economy will sidestep a new recession. There’s no assurance that the labor market won’t suffer in the months ahead, but the latest numbers don’t look like recession figures.
Daily Archives: August 3, 2011
The Big Squeeze
The new austerity is underway, but it’s not clear that the bond market is optimistic about the implications for growth. The benchmark 10-year Treasury yield dropped to 2.66% yesterday, the lowest since last November. The sight of the crowd rushing into bonds at this stage isn’t encouraging. Meanwhile, the stock market cast its own vote yesterday via a hefty 2.6% tumble.