Two and a half weeks after the jobs report was originally supposed to come out, the Department of Labor is finally about to release its September payroll data. It's the first major economic release since furloughed federal employees went back to work after a 16-day government shutdown, and at least one Wall Street veteran says he'll be taking a pass.
"I don't think anybody is going to pay much attention to it," says Jeff Saut, chief investment strategist at Raymond James, in the attached video. "I think investors and especially portfolio managers are going to give the numbers a pass until you get into January, so I wouldn't pay a lot of attention to them over the next couple months."
For the record, the September jobs report originally scheduled for release on October 4th, will now come out tomorrow morning, while the October jobs data has been bumped back a week to November 8th. Economists are predicting 183,000 new jobs were created in September, up from 169,000 in August, with no change forecast in the current 7.3% unemployment rate.
While Saut and other investors wait for the data pipeline to clean itself out so to speak, offbeat, anecdotal and unconventional barometers will have to fill the void.
Case in point, a recent trip to Detroit allowed Saut to see firsthand the effects that strong sales of Ford's (F) F-series pickup trucks are having on the manufacturer, but also what that implies about the broader economy, the construction and trades industries, as well as the probability that it will spark some near-term reinvestment in plants, equipment and machinery.
Other ancillary indicators and sectors that Saut says are worth tracking include Energy (XLE), as well as what he calls the ongoing "American manufacturing revolution."
And finally, when it comes to the self-proclaimed "data dependent" Fed, Saut says even though things appear to be getting better he thinks there won't be any reining-in of the central bank's $85 billion a month bond buying program.
"I think Janet Yellen is going to stay the course here," he says, "and I think we get no tapering between now and January."
More from Breakout:
- Politics & Government