By Evelina M. Tainer, Chief Economist, Econoday
8/3/01

The employment situation for July was considered bearish for the bond market because figures were considered stronger than expected. A more detailed look at the report shows that the news is not altogether positive. Stock prices were hurt on Friday morning when the non- manufacturing NAPM survey came in below the 50 percent mark. This index is typically not a market mover, but it underscores the skittishness in the financial markets. And let's face it, in the summer market volumes tend to be thinner which exaggerates market movements.