It will take a few days for the market to digest the data on jobs and ISM services but there is evidence building for a soft landing. However I'd warn that it always looks like a soft landing before it looks like a hard landing.

I spoke to Reuters immediately after the release of the jobs report and highlighted some holes in the report:

“The headline came in a little rich, unemployment a little low, wages a little hot, but when you dig a little bit deeper in the numbers, it’s not as one sided as it first appears, especially the participation and the revisions.”

Here are my other comments and those from others. It was nice to be slotted above Goldman Sachs and Vanguard, and the only one to be poking holes in the report: Something the market quickly came around it.

Reuters report

All the comments are here.