Photo: Demolition Dynamics
Today’s jobs report was a big miss and a big disappointment.The March Non-Farm Payrolls report came in at 120,000, well below expectations of 205,000.
Private payrolls missed badly, coming in at 121,000 vs. expectations of 215,000.
Unemployment, however, fell from 8.2 per cent, down a tick from 8.3 per cent.
The dollar is tumbling on expectations that QE is back.
Some other numbers:
U-6 underemployment fell from 14.9 per cent to 14. per cent.
Average hourly earnings increased 2.1 per cent.
From the report:
Nonfarm payroll employment rose by 120,000 in March, and the unemployment rate was little changed at 8.2 per cent, the U.S. Bureau of labour Statistics reported today. Employment rose in manufacturing, food services and drinking places, and health care, but was down in retail trade.
Household Survey Data
The number of unemployed persons (12.7 million) and the unemployment rate (8.2 per cent) were both little changed in March. (See table A-1.)
Among the major worker groups, the unemployment rates for adult men (7.6 per cent), adult women (7.4 per cent), teenagers (25.0 per cent), whites (7.3 per cent), blacks (14.0 per cent), and Hispanics (10.3 per cent) showed little or no change in March. The jobless rate for Asians was 6.2 per cent,
not seasonally adjusted. (See tables A-1, A-2,and A-3.)
The number of long-term unemployed (those jobless for 27 weeks and over) was essentially unchanged at 5.3 million in March. These individuals accounted for 42.5 per cent of the unemployed. Since April 2010, the number of long-term unemployed has fallen by 1.4 million. (See table A-12.)
The civilian labour force participation rate (63.8 per cent) and the employment-population ratio (58.5 per cent) were little changed in March. (See table A-1.)
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) fell from 8.1 to 7.7 million over the month. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)
In March, 2.4 million persons were marginally attached to the labour force, essentially unchanged from a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labour force,
wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. (See table A-16.)
THIS IS IT: The number everyone has been waiting for, the March Non-Farm Payrolls Report is coming out at 8:30 AM ET.
The official estimate among analysts for new jobs gained is 205K, with the unemployment rate staying at 8.3 per cent. This would mark the 4ths straight month of above-200K jobs, although this would be the weakest of the four. Last month the number came in at 227K.
The Business Insider official estimate is 193K.
The report is always huge, and this time it will be closely watched due to its potential impact on the Fed’s next move (not to mention the omni-present political ramifications).
One unusual aspect of today’s number is that because it’s Good Friday there’s no stock market trading. However we do have Treasuries and futures trading for a little bit.
We’ll have the number right here at this post at 8:30 AM as soon as the number hits.