Photo: Bloomberg
Fewer jobs were added than forecast in Mar, a reminder that recent gains may not be sustained without a pickup in growth. The 120K increase in payrolls, the fewest in 5 months, followed a revised 240K gain in Feb that was bigger than first estimated according to the Labor Dept. The Mar increase was even less than the most pessimistic forecast with a median estimate for a 205K rise. Unemployment fell to 8.2%, the lowest since Jan 2009, from 8.3%. The Mar data showed a 34K decrease in retail employment, the biggest decline since Oct 2009. The jobless rate dropped as unemployed workers stopped looking for work & left the labor force. The participation rate, which indicates the share of working-age people in the labor force, fell to 63.8% from 63.9%. Dismal numbers caused stock futures to decline.
Employers Added 120,000 Jobs in March, Fewest in Five Months
Dreary news on jobs will probably bring lower openings on Mon. The problem is that the recovery has been overrated by the optimists. Additionally, ugly European debt issues are returning. Yields on Spanish bonds are rising. Another bailout may be needed even though the ECB eventually will run out of money. On this news, contrary investments are rising. The yield on the 10 year Treasury (considered a safe haven investment) dropped 7 basis points (a big drop) & gold which has been under a lot of selling pressure is up $18.
Get your favorite symbols' Trend Analysis TODAY!
No comments:
Post a Comment