us to report 'as few as 25,000 august jobs ..

Friday, August 30, 2013

Biderman - BLS to Report 'as few as 25,000 August Jobs

Trim Tabs founder Charles Biderman predicts the U.S. Bureau of Labor Statistics (BLS) will report fewer than 100,000 new jobs created for the month of August when reported on Friday, September 6.

"Maybe as few as 25,000 new August jobs," Biderman said. "And if the Fed is telling the truth, whether or not the "taper" is dependent on economic data, then a newly weak job market on top slowing real estate says to me there will be no tapering anytime soon."


Biderman notes that the spike higher in mortgage interest rates in June (largely caused by the Fed-inspired taper talk which began in May) "has popped the mini-housing bubble" hurting U.S. economic growth. That is part of what he sees as weakness which will, or rather should show up in the BLS jobs report next week.

Mr. Biderman goes into detail with the data and why he believes this coming jobs report will disappoint.

"Remember, I have been saying over the past month, including last week's video and when I was on with Rick Santelli (on CNBC TV) early in August that upcoming real estate data will suck. That's because the early June spike in mortgage rates ended the two-year long run in single family housing. Now my view is that housing is in trouble seems to be fast becoming conventional wisdom. Even the talking heads on Wall Street are saying that. So currently wage and salary growth has been slowed by the mortgage rate hike and that's why I expect the BLS to announce a surprisingly small new job number," Biderman added.

Watch the entire video below.

At http://www.gotgoldreport.com/2013/08/biderman-bls-to-report-as-few-as-25000-august-jobs-.html

My comment:

Let's see how accurate this prediction is.

If we get an August jobs number on Friday well below 100,000 then all talk of tapering will disappear, and I expect gold will be very firm in coming weeks.