So the number is down to 8.2%. Don’t start the parades just yet because as ZeroHedge breaks it down:
March NFP big miss at just 120K. Unemployment rate declines from 8.3% to 8.2%. Futures slide, for at least a few minutes before the NEW QE TM rumor starts spreading. The household survey actually posted a decline in March from 142,065 to 142,034. Considering Birth Death added 90K to the NSA number, the actual number was almost unchanged. The unemployment rate drops to 8.2% for one simple reason: the number of people not in the labor force is back to all time highs: 87,897,000. And as always, as we predicted when Goldman hiked its NFP forecast yesterday from 175K to 200K saying “if Goldman’s recent predictive track record is any indication, tomorrow’s NFP will be a disaster”, Goldie once again skewers everyone. Finally, Joe LaVorgna’s +250,000 forecast was just 100% off… as usual.
Plus 164,000 people left the unemployment rolls because they either gave up or their unemployment money was up.
Since the stock market has closed for the day, it won’t get damaged as much as on an ordinary day. And, with the Easter holidays, the media will bury the importance of these numbers.