Nonfarm Payrolls On Their Way (It's a Fugazi!)

Massive bets are being made on a totally fictitious number

Highlights

• Trimming of China’s foreign currency deposit ratios to 4% from 6% helped the yuan and the Asian stock market rally

• The Eurozone final manufacturing PMI for August came in at a “recessionary” 43.5 versus the earlier “flash” estimate of 43.7

• Dollar General plunges on warning of weaker demand while slashing its sales and earnings outlook — the latest sign of a pullback in consumer discretionary purchases

• The narrative that the business cycle has been repealed and recessions belong in fairy tale books remains ubiquitous — shades of the consensus prevailing in 1989, 2000, and 2007