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The BLS jobs report was released moments ago and here are the headlines...Non-farm payrolls increased by 96,000 vs consensus expecations of around 125K Insult to injury, revisions to June and July NFP lopped off 41,000 jobs This brings 2012 avg monthly job creation down to 139K vs. 2011's 150+ One headline brightspot for the current administration to tout: the household survey unemployment rate dropped to 8.1% from 8.3%, when most economists were expecting little change While we can break down the internals of the report more here -- and I'm hoping Sheraz will help us do that -- the headline sub-100k new jobs number is enough to spur conversations about if and when the Federal Reserve may fire its last remaining ammo to bolster this economy. Remember, there is statistical slopiness in this data. Roughly speaking, the margin of error could be as high as 75K jobs. So to use NFP data and have it be statistically significant, we need to see job creation over 100K. Sheraz and John Blank can explain this better than I. Bottom line: it's all about housing and jobs for Bernanke, as it has been since he kept QE alive in 2010. Does today's report make his FOMC launch another big stimulus weapon next Wednesday?
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