Every few years traders have to deal with ‘Jobs Friday’ falling on the holiday
On a day usually filled with phone calls to make trades, Christopher Sullivan spent his time chatting with family planning his birthday party.
Mr. Sullivan, a money manager turning 54 years old, wanted to move money and shuffle his portfolio on Friday after government data gave a gloomy update on U.S. job growth. The news would usually fuel an active day for markets, but many were closed or thinly traded in shortened hours for the Good Friday holiday.
“It is certainly more quiet otherwise, less frenetic than any other ‘Jobs Friday,’” said Mr. Sullivan, who oversees $2.4 billion as chief investment officer at the United Nations Federal Credit Union in New York. He usually would have received “tons of calls and messages.”
The Labor Department’s monthly employment report is one of the most watched mornings on Wall Street. It is a prime indicator of the health of the world’s largest economy. Banks sometimes delegate trading-floor interns to scream out “Buy!” or “Sell!” when the data appear on screens on the first Friday of every month.
But every few years, traders have to deal with the curveball of Jobs Friday falling on Good Friday, a widely observed religious holiday that closes markets, but not the federal government. It leaves some wondering about slow business, trades they missed and why the government doesn’t consider the markets and delay the data for another day.
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