There is little we can add to what can only be classified as career suicide facilitated by terminal incompetence from one of CNBC's most beloved "economists" (in this case, naturally, Deutsche Bank's Joe LaVorgna), who just cut his NFP estimate from 300,000 to 160,000 in two days. From yesterday: "Our preliminary estimates were for +300k on payrolls and a three-tenths decline in the unemployment rate to 8.7%. However, in light of the softer tone of the data—particularly the inability of initial jobless claims to recover below 400k—we trimmed our projections. We lowered our May payroll estimate to +225k and raised our unemployment rate target to 8.9%." And from 10 minutes ago: "In light of the significant downside surprise in the ADP employment numbers earlier today, as well as the equally important slowdown in the ISM employment component, we are trimming our May nonfarm payroll projection to 160k from 225k as we previously estimated. We project private payrolls to increase 185k. We continue to anticipate a one-tenth decline in the unemployment rate to 8.9%."
And that, ladies and gentlemen, is how Joe Lavorgna does it.