Just like on the last NFP release, we now have Obama again addressing the country at 11:00 am on the "jobs situation." The more conspiratorially minded saw in the last statement an indication of a major beat only for the final number to be an abysmal miss. We would not read much into this scheduled conference, although if anyone knows the job number in advance, it is the Teleprompter. Another interesting, if once again prescheduled data point is the 12:45 pm testimony of BLS commission Keith Hall to the Joint Economic Commitee. This is also a recurring monthly event.
From Goldman Sachs:
11:00 am – President Obama speaks on Jobs. At the Navy Yard in DC. He is expected to propose a new tax credit for hiring veterans. During the signing ceremony of the Budget Control Act on Tuesday, the President signaled that the White House would be “discussing additional ideas in the weeks ahead to help companies hire, invest and expand.” This apparently envisions proposals beyond the extension of the payroll tax cut and emergency unemployment compensation, which expire at the end of the year (we assume extension of the payroll tax cut in our forecast). Given a focus on deficit reduction in Congress, the question at this point is whether the proposals will be like today’s—helpful but limited in scope—or potentially something with a larger aggregate effect.
12:45 pm – BLS Commissioner Keith Hall testifies on the employment situation in July. The usual monthly post-payrolls testimony. In the Joint Economic Committee.