That about covers what I was thinking about on the plane flights home today.If the first Friday is the first day of the month, the report slips to the second Friday. I'm not certain there will be a November 2 unemployment report what with that being only (a) the second day of the month, and (b) four days before election day.
The Dow Jones Industrial Average has lost about 650 points since May. The disappointing quarterly earnings reports and soft 2nd half guidance from U.S. corporations are unlikely to signal a spurt in hiring.
Just this week UPS offered what The Street called "an unusually glum outlook" for global economic growth.
Why does anyone care what UPS thinks? According to the article:
"UPS' results are considered to be a key indicator of the global economy because, at any given moment, the company has 6% of the U.S. GDP and 2% of the world's GDP in its system."
In a conference call about its earnings, UPS' CEO Scott Davis told analysts:
"Economies around the world are weakening and our customers are increasingly nervous."
If U.S unemployment remains above 8 percent or, worse yet, ticks up from its current top-line rate of 8.2 percent it will be very difficult for the Obama campaign to blame the economic situation on Romney's tax returns.