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.

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