Blowout jobs report may have missed a troubling trend linked to coronavirus (via TradingNation)
Crossmark Global Investments' Victoria Fernandez warns it didn't capture the fallout from surging coronavirus cases.
"The data was collected through the middle of June," the firm's chief market strategist told CNBC's "" late last week. "It was really the second half of June when we saw states like where I am here in Texas start to reverse their opening up plans. That did not get captured in this number completely."
Fernandez, who oversees $4.8 billion in assets, believes it's a major reason for investors to curb expectations. "People have to be prepared that we could see something that's maybe a downside surprise when it comes to the July number," she said, adding the weakness will start showing up in the weekly numbers.
June's employment numbers, which revealed the biggest single-month payroll gain in the nation's history, marked the second month in a row thatThe latest report showed payrolls jumped by 4.8 million. The Dow Jones survey of economists had expected a 2.9 million gain. Plus, the unemployment rate dropped to 11.1% from 13.3%.
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