110k Jobs: Fugly

FUGLY.

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
rather curious.

All told, a giant stink bomb.

Category: Economy

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