NFP – ricardian ambivalence

Non-farm payrolls — good enough

The May non-farm payrolls report was broadly as expected: printing at +175k (mkt 163k), with offsetting revisions worth a net

The March non-farm payrolls report was about half expected, printing at +88k (mkt +193k: range +170k to +230k). There was some

The February non farm payrolls report was better than most expected, with establishment employment estimated to grow by 236k jobs

No one has ever made any money having faith in the ECB – and my skepticism was repaid again last