The April jobs report came out earlier, and it was bad.
The 115K new jobs that were created were well below the 160K that analysts had expected.
And some of the internals are distressing, too
The public sector is ugly.
There were 15K public sector jobs lost, worse than the 5K that were expected.
That’s worse than last month, and that’s worse than the virtually flat level of jobs created that we saw two months ago.
Remember, two months ago we were hopeful that the public sector bleeding has stopped.
This is a big deal, since the public sector is what’s been creaming GDP and jobs.
What’s more, this news comes amid news that California is missing badly on its tax goals for April.
The public sector isn’t done healing.
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