The employment numbers came out this morning, and as expected, the U.S. Bureau of Labor Statistics reported job losses of 80,000 nonfarm workers.
However, 64% of that number, or 51,000, came from the construction industry, not other areas like education and healthcare or the industrial base.
Isn't this what we could have intuitively expected? We have been talking about the slowdown in housing and construction for over 6 months now.
In that light, I don't think the number is that bad, actually.
Don't be surprised to see the market hold these levels today, which sets us up for a rally to 13,000 next week.
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