A Bad Sign for Tomorrow’s Labor Report?

Gallup’s latest tracking survey of job creation in the U.S. does not bode well from tomorrow’s important monthly labor report from Washington, what has become the only real economic report that matters these days (and set to become even more important as we near the fall elections).

The index is down from the level seen in April through June when nonfarm payrolls rose by an average of just 75,000. Then again, the index is above the level of late-2010 and early-2011 when payrolls posted strong gains of nearly 200,000 per month, so, there is an argument to be made that a lower Gallup job creation index might be followed by a better-than-expected labor report tomorrow.