Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Global Economics

Jobs Report (Part Trois)

Jobs Report (Part Trois)

Photograph by Daniel Acker/Bloomberg

The problem is that the S&P 500 is highly correlated with ISM prices paid. While generally speaking, low prices paid are good until they are too low, and then it’s bad. The risk is we have just hit the so-low-it’s-bad level. Position: Short SPY.

—Douglas A. Kass, Seabreeze Partners Management, “Manufacturing Misses (Part Trois),” July 2, 2012

Mr. Kass puts money-where-mouth-is and looks for lower equity prices.

The distinction between a constructive trend (in this case, lower prices benefiting business) becoming destructive (said rate-of-change signaling moribund economy) is why the collective Street hangs on each and every Kassian word.

The above, combined with Macroeconomic Advisors’s gross domestic product tweak—to 1.6 percent—gives pause.

There is a set of reports coming Friday on the American labor economy. I believe the last two have been in the vicinity of the so-low-it’s-bad level.

I am concerned, generally speaking, that Friday will bring “Jobs Report (Part Trois.)” Discuss.

Keene hosts Bloomberg Surveillance 7-10 a.m. ET on 1130 AM in the New York metro area and nationally on SiriusXM 113.

blog comments powered by Disqus