Friday is going to trap you
The jobs report numbers came out and guess what… it showed that the economy isn’t great. But since the current market doesn’t really take into consideration bad news, it just sort of shrugged this off for the immediate time. Pre-report the DJI was up 96, post-report the DJI dropped down to minus 7. Losing over 80,000 jobs might be a bad thing even in a mentally ill market.
March jobless numbers are the highest since September 2005, which is less than 3 years ago.
The payroll dropped to it’s lowest level since March 2003, that was 5 years ago.
March unemployment rate 5.1%, compared to 4.8% in February.
Everything seems like it’s bad.. so lets look at the individual numbers are more interesting..
| JAN. | FEB. | MAR. | |||
| U.S. Unemployment Rate | 4.90% | 4.80% | 5.10% | ||
| Data From Establishment Survey | |||||
| Non-farm Payrolls (000s) | 138,002 | 137,926 | 137,846 | ||
| Monthly Change | -76 | -76 | -80 | ||
| Goods Producing | 21,907 | 21,825 | 21,732 | ||
| Construction | 7,426 | 7,389 | 7,338 | ||
| Manufacturing | 13,737 | 13,691 | 13,643 | ||
| Service Producing | 116,095 | 116,101 | 116,114 | ||
| Retail trade | trade | 15,472 | 15,426 | 15,413 | |
| Professional, Business | 18,101 | 18,071 | 18,036 | ||
| Education, Health | 18,617 | 18,657 | 18,699 | ||
| Leisure, Hospitality | 13,644 | 13,664 | 13,682 | ||
| Government | 22,336 | 22,369 | 22,387 | ||
| Average Hourly Workweek | |||||
| Total private | 33.7 | 33.7 | 33.8 | ||
| Manufacturing | 41.1 | 41.2 | 41.3 | ||
| Mfg Overtime | 4 | 4 | 4.1 | ||
| Avg Weekly Earns Total Private | $598.18 | $600.20 | $603.67 | ||
| Avg Hourly Earns Total Private | $17.75 | $17.81 | $17.86 | ||
| Data From Household Survey | |||||
| Civilian Labor Force (000s) | 153,824 | 153,374 | 153,784 | ||
| Change | -42 | -450 | 410 | ||
| Employment(000s) | 146,248 | 145,993 | 145,969 | ||
| Change | 37 | -255 | -24 | ||
| Unemployment (000s) | 7,576 | 7,381 | 7,815 | ||
| Change | -79 | -195 | 434 | ||
| Not in Labor Force (000s) | 78,792 | 79,436 | 79,211 | ||
| Change | -498 | 644 | -225 | ||
| Persons Who Want Job | 4,857 | 4,772 | 4,730 | ||
| Change | 160 | -85 | -42 | ||
Well.. I’m looking at C (Citigroup) still set to open higher than it closed, so there’s little chance I’ll be selling my positions today.
The market should be down today, but instead there are really crazy people with money running around thinking that since they aren’t unemployed it doesn’t matter. Stupid.
Good luck today!
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