By: Gary Savage
I want to add a quick note on the jobs report.
Today's number is important in that if the government tries to fake a good number the market will probably lose all confidence in government statistics and likely react badly. There is no scenario where the number can be good as we have already been feeling the effects of the virus scare for a couple of months. A good number will be viewed as a blatant attempt to alter the data.
And that is exactly what has happened. The dollar and the stock market selling has intensified as traders now know they can no longer trust government to publish true economic numbers. IMO this was an incredibly stupid move and will likely just make the crash worse.