Posted on 04/06/2012 6:43:31 AM PDT by whitedog57
According to the BLS, employers in the U.S. added fewer jobs than forecast in March. The 120,000 increase in payrolls , the fewest in five months, followed a revised 240,000 gain in February.
Expectations were for 205,000. My ex-colleague from Deutsche Bank, Joe LaVorgna, called for +250,000.
Unemployment fell to 8.2%. And U6 unemployment fell to 14.5%. Still, 14.5% is still numbing.
But the most revealing employment rate, the employment to population ratio, fell to 58.5%. That means that the nonemployment ratio rose to 41.5%. And 164,000 Americans quit looking for work.
And teen unemployment rose to 25%! But that is not as bad Spain’s daunting unemployment rate.
So, NFP up 120,000 while 164,000 quit looking for jobs. That is a net loss of 44,000 jobs.
While there are clearly seasonal adjustment patterns in the data, the pattern is clear: there is no improvement in employment to population. BLS manipulations aside, this is not a good sign!
And the reaction in the Treasury market?
Of course, Spains and the other PIIGS continue to melt down. Between this depressing employment report and Europe’s malaise, we might see Treasuries go lower than Japan!
(Excerpt) Read more at confoundedinterest.wordpress.com ...
This guy has been on target on employment and the economy all along. Wish he was out here in CA!
Reporters and editors in newsrooms across the land are soiling their drawers as they realize their ‘recovery’ narrative is becoming a punchline.
Fresh BS smells better than the numbers Obama is kicking out.
Our entire economy is going "Japanese" with an outlook of decades of poor performance looming ahead of us.
The worst part is that this was intentional.
“Reporters and editors in newsrooms across the land are soiling their drawers as they realize their ‘recovery’ narrative is becoming a punchline.”
The Pravda/Izvestia joke comes to mind.
You know, the one that was commonly spoken in the USSR.
I miss editors.
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