- Our usual dose of official US economic statistics ie. LIE ! The economy is recovering! Yeah right! Pigs can fly! Only the gullible and naive sheeple will believe these unemployment statistics. Soon, we will have Zero unemployment since everyone will be classified as not part of the labor force!
NFP Big Miss: 120K, Expectations 205K, Unemployment 8.2%, “Not In Labor Force” At New All Time High!
by Tyler Durden, http://www.zerohedge.com/
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. 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.
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.