That’s the only word to describe the stinkeroo released by BLS at 8:30 am.
Non-farm payrolls grew by a mere 110,000 last month — that’s the weakest
performance since July 2004. Note that the economy requires about 150k/mo just to keep up with population growth. So this was not only weak — it was step backwards.
Revisions were also negative: January revised downward to 124,000 jobs (from 138k), while February’s data was lowered to 243,000 from 262,000.
Given yesterday’s New Unemployment Claims, I find the drop of two-tenths of a percentage point (from 5.4% in February) in Unemployment
All told, a giant stink bomb.