Actually, This Was A GREAT Jobs Report...

Seriously, hear us out.

We’ve been talking all morning about what a bad jobs report we got for March.

But there is another side.

We chatted with Matt Busigin, an economist and investor, who argued that actually this was a “great” jobs report.

His basic argument: The important leading sub-indices (professional/business services, construction) were strong. And in the key demographic groups, unemployment dropped massively, suggesting that a lot of what people are worried about is just based on ageing demographics, not anything cyclical.

Here’s our transcript.

—————————————————————————————
Matt Busigin: I think it’s a great nfp

Joe Weisenthal: why?

Matt Busigin: large upward revisions

Joe Weisenthal: mmhmm

Matt Busigin: strong leading cyclical sub-indexes – construction and professional/business services

Joe Weisenthal: true

Joe Weisenthal: anything else?

Matt Busigin: unemployment in 25-34 men dropped 108k in one month man

Matt Busigin: people are finally feeling confident enough to retire

Matt Busigin: this is the first major cyclical strong retirement nfp

Matt Busigin: how is this a bad nfp?

Matt Busigin: 25-34 unemployment rate went from 7.8% to 7.4%

Matt Busigin: that is huge

Matt Busigin: and it shows that this is all demographic

Matt Busigin: I’ve been saying that we’re going to get a <0 NFP and a lowering unemployment rate at some point for a while

Matt Busigin: this ain’t quite it

Matt Busigin: but it sure looks close

Matt Busigin: the unemployment rate of 25-34 men went from 7.7% to 7.1%

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