be a great buying point for the market. The futures are getting trashed based on a job number that we already knew was gonna be bad after the Wednesday number. Gas prices are pulling back and the growth will continue onward after the blip.
Like you said with a wink, officially, of course Saudi Arabia is going to increase production. I don't think that is really the issue though, there seems to be plenty of oil, we just need to stop the price manipulation and speculators and we'll be fine. Gas needs to get back in the 3.10 to 3.40 range to really get the economic juices going again.
They will be, but you also had a lot of devastation in Japan and the US with flooding, tornados, gas prices that got to 4.25 in my area etc that certainly hampered things...IF you're business is 8 feet under water or leveled from a Tornado, people will be hitting the unemployment line, not being hired. Gas has fallen from 4.25 to 3.65 in my area...much more money back in people's pockets making them feel good to spend money again. What happens to construction jobs in all above scenarios when the clean up process and rebuild process really gets going...construction jobs increase, retailers have to hire like Home Depot, Lowes, Concrete places, wood places to meet demand, then the product makers have to hire etc. One blip does not make a new trend. Now if we go backwards June and July as well that's a different story altogether.
I guess I fully expected a pretty bad number so it doesn't surprise me too much...now for some stimulus money into AE. A lot of things are on the mend from the blip in May imo.