"We have gone in and taken the assets away from the competent people, given them to the incompetent people and said to the incompetent people, now you compete with the competent people with their money. It’s absurd.”
The labor market has shown signs of strength this year, with employers adding more than 200,000 jobs for the last six months -- the first time that’s happened since 1997. Payrolls grew by 209,000 last month, while the unemployment rate rose to 6.1 percent as more people entered the labor force.
Market participants are ready for the employment report on Friday having seen an unexpectedly weak ADP payroll report on Wednesday. The ADP report had been showing greater employment strength recently.