How Will the Talking Heads Talk Up the Poor Jobs Report?

I wonder what our Federal Reserve heads will say now.

Will San Francisco Fed head John Williams still call for rate hikes, as he  did just last night?

Will Fed chair Janet Yellen say conditions here, at home, are just right for a go on raising rates?

Will Jeffrey Lacker, president of the Richmond Fed, insist that global economic and geopolitical issues do not matter, and things are going swimmingly enough for a lift-off in interest rates?

Nonfarm Payroll numbers came in at 142,000 net additions -- versus expectations of 203,000 ? and, to rub salt in the wound, August numbers were revised lower to show only net additions of 136,000.

It looks like the announced layoffs in corporate America, layoffs at U.S. factories (jobs lost, there, totaled 27,000 in August and September) and the Challenger Gray Survey that I mentioned in my preview earlier this morning -- which showed a 43% increase in planned layoffs at U.S. companies -- do not bode well for the state of our job market. Yes, the unemployment rate stayed steady at 5.1% -- as we rush headlong into becoming a nation of Burger King employees.

Of course, our gurus and pundits will now turn around and blame China's slow growth for the job losses. Blame that stubbed toe on the China slowdown as well, why don't you?

Last week, Yellen said rates needed to go up in the U.S. to prevent an overheating of our economy. If this data point was the sign of an overheating economy, I shudder to think what a "cool" economy will look like. 

Over to the "weathermen and weatherwomen" (Rev Shark) at the U.S. Federal Reserve.

Have a safe and happy weekend, everyone. 

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