There’s a strong correlation between the Philadelphia Federal Reserve’s measure of business confidence (OUTFGAF), and employment, or Non-Farm Payrolls as the Bureau of Labor Statistics calls it. And the Philly Fed’s measure just went into freefall. What will that mean for employment? From Zero Hedge:
-700K NFP print coming?
And here is Wall Street’s economist brigade again proving they are worth every penny based on their predictive skills: we just had an 8 standard deviation miss to consensus.