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NFP +216,000, Unemployment Rate At 8.8%, U-6 At 15.7%

Tyler Durden's picture




 

NFP reports March NFP at 216,000, above expectations of 190,000, and higher from an upward revised February 194K. Private payrolls at 230K on expectations of 30K. The unemployment rate at 8.8% is the lowest since March 2009. Underemployment (U-6) came at 15.7%.  Average hourly earnings unchanged (0.0%), below expectations at 0.2%. Manufacturing payrolls below expectations at +17K on expectations of 30K, previous revised lower to 32K. But the kicker, as usual, continues to be the Labor Force Participation rate, which continues to be at a 25 year low of 64.2%. The average workweek was at 34.3 hours, unchanged from before, and confirming that from the Fed's perspective there continues to be a lot of slack in the economy.

From the release:

Nonfarm payroll employment increased by 216,000 in March, and the unemployment rate was little changed at 8.8 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, health care, leisure and hospitality, and mining. Employment in manufacturing continued to trend up.

The number of unemployed persons (13.5 million) and the unemployment rate (8.8 percent) changed little in March. The labor force also was little changed over the month. Since November 2010, the jobless rate has declined by 1.0 percentage point. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (8.6 percent), adult women (7.7 percent), teenagers (24.5 percent), whites (7.9 percent), blacks (15.5 percent), and Hispanics (11.3 percent) showed little change in March. The
jobless rate for Asians was 7.1 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.)

The number of job losers and persons who completed temporary jobs, at 8.2 million, was little changed in March but has fallen by 1.3 million since November 2010. The number of long-term unemployed (those jobless for 27 weeks or more) was 6.1 million in March; their share of the unemployed increased from 43.9 to 45.5 percent over the month. (See tables A-11 and A-12.)

In March, the civilian labor force participation rate held at 64.2 percent, and the employment-population ratio, at 58.5 percent, changed little. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed in March, at 8.4 million. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)

In March, 2.4 million persons were marginally attached to the labor force, up slightly from a year earlier. (These data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 921,000 discouraged workers in March, little changed from a year earlier. (These data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.5 million persons marginally attached to the labor force in March had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment increased by 216,000 in March. Job gains occurred in several service-providing industries and in mining, and manufacturing employment continued to trend up. Since a recent low in February 2010, total payroll employment has grown by 1.5 million. (See table B-1.)

In March, employment in the service-providing sector continued to expand, led by a gain of 78,000 in professional and business services. Most of the gain occurred in temporary help services (+29,000) and in professional and technical services (+35,000).

Health care employment continued to increase in March (+37,000). Over the last 12 months, health care has added 283,000 jobs, or an average of 24,000 jobs per month.

Employment in leisure and hospitality rose by 37,000 over the month, with more thantwo-thirds of the increase in food services and drinking places (+27,000).

Manufacturing employment continued to trend up in March (+17,000). Job gains were concentrated in two durable goods industries--fabricated metal products (+8,000) and machinery (+5,000). Employment in durable goods manufacturing has risen by 243,000 since its most recent low in December 2009.

In March, employment in mining increased by 14,000, with much of the gain occurring in support activities for mining (+9,000).

Employment in local government continued to trend down over the month. Local government has lost 416,000 jobs since an employment peak in September 2008.

The average workweek for all employees on private nonfarm payrolls was unchanged at 34.3 hours in March. The manufacturing workweek for all employees edged down by 0.1 hour to 40.5 hours, while factory overtime was unchanged at 3.3 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls increased by 0.1 hour to 33.6 hours. (See tables B-2 and B-7.)

In March, average hourly earnings for all employees on private nonfarm payrolls were unchanged at $22.87. Over the past 12 months, average hourly earnings have increased by 1.7 percent. Average hourly earnings of private-sector production and nonsupervisoryemployees edged down by 2 cents over the month to $19.30. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for January was revised from +63,000 to +68,000, and the change for February was revised from +192,000 to +194,000.

Full relese

 

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Fri, 04/01/2011 - 08:29 | 1124487 apberusdisvet
apberusdisvet's picture

Someone's ass is really sore.

Fri, 04/01/2011 - 08:34 | 1124499 augie
augie's picture

so when does the "mission acomplished!" sign come out?

Fri, 04/01/2011 - 08:37 | 1124510 Captain Benny
Captain Benny's picture

I guess you missed the news.  Here is a refresher from the NY Times: "The downturn officially ended, and the recovery officially began, in June 2009."   The mission accomplished banner already went up before QE-infinity :)

 

Fri, 04/01/2011 - 10:08 | 1124933 Bubbles...bubbl...
Bubbles...bubbles everywhere's picture

April Fool's Day Bitchezzzzz!

Fri, 04/01/2011 - 12:19 | 1125374 Hard1
Hard1's picture

That's right, April Fools, but they will not tell you it is a joke until next month's revision

 

Ego can procer valde velox - Bernanke (circa 2011)

Fri, 04/01/2011 - 18:50 | 1126880 ms1408
ms1408's picture

Stole my thunder lol

Fri, 04/01/2011 - 08:36 | 1124518 JLee2027
JLee2027's picture

Why? Is the USS Abraham Lincoln completing a tour of duty or something?

Fri, 04/01/2011 - 08:38 | 1124526 augie
augie's picture

Nope the HMS Hood, and we are all on it.

Fri, 04/01/2011 - 08:58 | 1124642 curbyourrisk
curbyourrisk's picture

They have been carrying that sign around for 6 months now.  Didn't you get the memo?  Benny and the Jets saved the world.....   (He literally said that in August 2009 at the Jackson Hole convention).

Fri, 04/01/2011 - 09:37 | 1124797 baby_BLYTHE
baby_BLYTHE's picture

He also said "Double-Dip" unlikely around that same time in 2009.

Fri, 04/01/2011 - 08:37 | 1124512 AN0NYM0US
AN0NYM0US's picture
Why Unemployment Rose So Much, Is Falling So Fast: Alan Krueger

http://www.bloomberg.com/news/2011-03-31/why-unemployment-rose-so-much-d...

Fri, 04/01/2011 - 08:30 | 1124489 The Axe
The Axe's picture

dollar up  yen down

Fri, 04/01/2011 - 08:36 | 1124507 Thomas
Thomas's picture

Gold could use some love right now.

Fri, 04/01/2011 - 08:41 | 1124538 Cash_is_Trash
Cash_is_Trash's picture

I shall buy more mining shares on this lovely day.

Risk-return bitchezz

Fri, 04/01/2011 - 08:53 | 1124616 pazmaker
pazmaker's picture

yep >>>usd up eur down  usd up chf down   etc etc etc.   It's early yet but USD maybe making a comeback vs other fiats... until it goes down again!

Fri, 04/01/2011 - 08:32 | 1124490 gordengeko
gordengeko's picture

Spin cycle, rinse repeat.

Fri, 04/01/2011 - 08:32 | 1124491 tmosley
tmosley's picture

How many hundreds of thousands fell off the unemployment roles for THAT improvement?

Fri, 04/01/2011 - 09:03 | 1124660 j0nx
j0nx's picture

Not many if you believe the numbers. U6 has fallen pretty far in the past 6 months. I don't see how but it has. It was close to 17% last fall.

Fri, 04/01/2011 - 09:20 | 1124714 Pegasus Muse
Pegasus Muse's picture

U-6:  government manipulated tortured “got to make it look better than it is” number.  17%

 

SGS:  John William's number.  No BS.  Counts everyone.  22%

 http://www.shadowstats.com/alternate_data/unemployment-charts  

Fri, 04/01/2011 - 09:12 | 1124691 fuu
fuu's picture

99 weeks ago was 5/8/2009 if that helps.

Fri, 04/01/2011 - 08:32 | 1124492 slow_roast
slow_roast's picture

QE2 bitchez; shit works.

Fri, 04/01/2011 - 09:22 | 1124541 Dr. Engali
Dr. Engali's picture

Yeah asshole. Print trillions of dollars out of nowhere, fudge the numbers on unemployment as millions drop off the employment rolls, and finally you put 216,000 people to work.  Sounds like a great deal. At this pace we will be back at full employment by 2023. We really got our monies worth out of all the printing.  Oh yeah not to mention that not one crook went to jail for the damage they caused.

Fri, 04/01/2011 - 08:31 | 1124494 RobotTrader
RobotTrader's picture

Like I said last night, the number was leaked early, and the PigMen started frontrunning Bernanke's "men" operating the buttons and the levers behind the curtain.

Diane "Lip Gloss" Swonk looks like she's ready to have an orgasm and jump on Steve "Yeastman"....

LOL.....

Fri, 04/01/2011 - 08:35 | 1124504 Thomas
Thomas's picture

That Fed governor (What's his name? Cocksuckerlakota?) knew something. Maybe he can be dealt with once they are done with Barry Bonds and the COO of Goldman.

Fri, 04/01/2011 - 09:31 | 1124506 baby_BLYTHE
baby_BLYTHE's picture

Hope you are ready for the After Dinner- Payback!

Hangover will be a bitch after all the zero % interest rates and mad man money printing.

Fri, 04/01/2011 - 08:37 | 1124509 DarkMath
DarkMath's picture

"Diane "Lip Gloss" Swonk"

Did you catch her asking Santelli "Have you been in a Wall Mart lately, I don't think they can pay higher prices."

Reminds me of her famous last words to Peter Schiff when he suggested GM might go bankrupt. She puffed up her feathers and said: "Excuse me, have you been in a GM factory lately..."

http://www.youtube.com/watch?v=Z0YTY5TWtmU

Fri, 04/01/2011 - 09:22 | 1124726 hedgeless_horseman
hedgeless_horseman's picture

Over time, reading your comments, I find that we share many of the same memories.

Fri, 04/01/2011 - 09:33 | 1124782 ebworthen
ebworthen's picture

That is a great clip; amazing to look back and realize the groupthink that existed, and STILL EXISTS, despite reality trying to intervene over and over.

Fri, 04/01/2011 - 08:33 | 1124501 Captain Benny
Captain Benny's picture

Don't forget to pull gold and silver down!  Gotta sell in burts of unbacked paper all at the same time in order to drop gold and silver prices!

Fri, 04/01/2011 - 09:12 | 1124679 Ray1968
Ray1968's picture

Yup, just an excuse for the shorts to slam it down.

Fundamentals haven't changed, though.

Fri, 04/01/2011 - 08:35 | 1124502 The Axe
The Axe's picture

Participation rate  still blows 

Fri, 04/01/2011 - 08:35 | 1124503 Rorschach
Rorschach's picture

Breaks out the party poppers.

Fri, 04/01/2011 - 08:34 | 1124505 Saxxon
Saxxon's picture

Covering and taking my loss if SPY closes over 133.  Why do I short this thing.

Fri, 04/01/2011 - 08:38 | 1124521 slaughterer
slaughterer's picture

Enough to tank PMs and commodities, not enough to tank the Russell 2000, IMO.    Enough to pump the dollar, but not enough to pump the treasuries.

Fri, 04/01/2011 - 08:38 | 1124528 firstdivision
firstdivision's picture

Shorting is something that was banned since March 2009. 

Fri, 04/01/2011 - 08:40 | 1124545 Hedge Jobs
Hedge Jobs's picture

shorting against monetary inflation is suicide, wait for a month or so after QE2 ends then go short.....just remeber to close them out when QE3 gets announced

Fri, 04/01/2011 - 08:45 | 1124570 DavidC
DavidC's picture

I feel the same as you, even though this is the eye of the storm not the end of it.

Joe Saluzzi did one of his usual great pieces on Bloomberg the other day -
http://www.youtube.com/watch?v=9Vfxfi5Y3Bk&feature=youtu.be

DavidC

Fri, 04/01/2011 - 08:35 | 1124508 bob_dabolina
bob_dabolina's picture

Meanwhile housing gets weaker and food stamps go up.

Go figure.

Fri, 04/01/2011 - 09:02 | 1124658 docj
docj's picture

Welcome to "The Recovery".

Fri, 04/01/2011 - 08:37 | 1124511 CH1
CH1's picture

Expect Barry on TV soon, telling everyone how wonderful he is.

Fri, 04/01/2011 - 08:37 | 1124513 Jason T
Jason T's picture

king dollar!  

Fri, 04/01/2011 - 08:37 | 1124515 Silverhog
Silverhog's picture

Yawn... think I'll go take my pee now.

Fri, 04/01/2011 - 08:36 | 1124516 Catullus
Catullus's picture

Good.  Don't need QE3.  The long term unemployed finally rolled off stipend and went to work for Wal-Mart.

Fri, 04/01/2011 - 08:38 | 1124525 X. Kurt OSis
X. Kurt OSis's picture

Yeah! Stocks up and we get to keep the rest of QE2. The bond market is very happy with this number. This is going to be a tightrope but if we can keep labor, GDP growth and monetary policy right where it is... we can play this game for evah!!

BTFD bitchez (but not too much, actual trading volume might fuck everything up.)

Fri, 04/01/2011 - 08:38 | 1124529 jesse livermoore
jesse livermoore's picture

Rick santelli rips mark zandi a new ass .

Fri, 04/01/2011 - 08:39 | 1124530 RobotTrader
RobotTrader's picture

Uh oh.......

Looks like a tsunami of paper contracts hitting the COMEX again.....

Unlimited fiat, works every time.  Look at the electronic digit flippers panicking out of gold.

The amount of "Sell Gold" COMEX tickets far exceeds the demand for physical.....

LOL....

Fri, 04/01/2011 - 08:49 | 1124585 ebworthen
ebworthen's picture

"...exceeds the demand for physical."

Hmmm...I like it...

Fri, 04/01/2011 - 08:51 | 1124591 lieutenantjohnchard
lieutenantjohnchard's picture

looks like your ira full of gold stocks took a huge hit .... lol. too bad for the self acclaimed world's greatest trader who achieves success by buying hd and abt.

in the meantime, the works every time unlimited fiat, as you say, is quite comical given that gold is up for ten consecutive years and silver is up 120% or so in the past year.

only from a dark, dingy 600 square feet apartment overlooking a paved paradise los angeles freeway would somebody come up with the bizarre notion that a 2% pullback from all time highs in silver (<2% in gold) represents fiat success.

 

Fri, 04/01/2011 - 09:13 | 1124684 Vergeltung
Vergeltung's picture

nice zinger there. sweet.

Fri, 04/01/2011 - 09:04 | 1124657 Spalding_Smailes
Spalding_Smailes's picture

The " Crow Soup " has come to a slow boil, the line is very long .... Just wait till Ben Sholom lets the market know in advance the QE 3 thingy is not in the cards, this should be coming very soon ....

 

Woooooooooooooooooooooooooooooshhhhhhh ... The doomer trade is Ovvvvvaaaaa'

Fri, 04/01/2011 - 09:07 | 1124669 lieutenantjohnchard
lieutenantjohnchard's picture

then go long in size with your beliefs like i have with gold and silver.

Fri, 04/01/2011 - 09:11 | 1124670 Spalding_Smailes
Spalding_Smailes's picture

No, I just keep buying more MPEL ..... Wish I would have bought CAT at $90.00 ....

 

http://ecx.images-amazon.com/images/I/41EMXSQDY7L._SL500_AA300_.jpg

Fri, 04/01/2011 - 09:25 | 1124733 lieutenantjohnchard
lieutenantjohnchard's picture

keep this in mind regarding your hero robottrader.

1) for all his talk mocking jim sinclair et al, he owns both gold stocks and gold coins, and has for years.

2) the only reason he delights in the metals dropping is because his timing when he bought was off a little bit. rest assured that if he was up as much as the rest of us he would be defending the metals as we do when they drop a few percent.

3) for all his talk he's only 30% invested. that's not bullish. that's defensive. and the securities he owns are widows and orphans stocks as we called them back in the day.

Fri, 04/01/2011 - 09:25 | 1124754 oddjob
oddjob's picture

Can we please hear more about your precious H&S top in PM's that happened months ago?

Fri, 04/01/2011 - 09:26 | 1124755 tmosley
tmosley's picture

Uh-huh.  I don't know if you noticed, but silver is still above $37 by quite a bit.

You keep saying it's over, but I keep making more $$.

Fri, 04/01/2011 - 08:39 | 1124532 orangedrinkandchips
orangedrinkandchips's picture

bullllllllllllllllllllllllllllllllllllllllllllllllllllshit

Fri, 04/01/2011 - 08:39 | 1124533 Hondo
Hondo's picture

So manufacturing employment was below consensus and certainly below what people have been getting excited about from the PMI "difussion" indexes.  Just goes to show you most don't know what a diffusion index tells you.

Fri, 04/01/2011 - 08:39 | 1124536 virgilcaine
virgilcaine's picture

Now the double dip..led by housing declines and record high costs for everything.

Fri, 04/01/2011 - 08:39 | 1124537 virgilcaine
virgilcaine's picture

Now the double dip..led by housing declines and record high costs for everything.

Fri, 04/01/2011 - 08:40 | 1124539 virgilcaine
virgilcaine's picture

Sorry, double post.

Fri, 04/01/2011 - 08:40 | 1124540 digitlman
digitlman's picture

Amazing how fast the unemployment rate can drop when you stop counting those who drop off the rolls.

Fri, 04/01/2011 - 08:55 | 1124624 ms1408
ms1408's picture

Not counting people in the NFP is very bullish. I'm optimistic!

Fri, 04/01/2011 - 08:42 | 1124542 EvlTheCat
EvlTheCat's picture

Hazzah, a superior act of prestidigitation!  Now, everyone please move along.  Refrishments and hooker are being served in the lobby!

Fri, 04/01/2011 - 08:40 | 1124543 alexwest
alexwest's picture

hey @tyler , question to you

###
NFP pendulum swings tomorrow, and if there is a blow out jobs number look for the market to take a deep dive as that loud sucking noise
###

according REAL TIME LABOR INDICATOR called 'SS taxes',
ss taxes down y/y -4.7%
see http://cbo.gov/ftpdocs/120xx/doc12088/MBR_March_2011.pdf

I know, I know SS taxes were cut starting jan 2011, but it was only reduction of ~2% out of ~16%..

SO QUESTION IS HOW IT IS POSSIBLE TO HAVE NOMINAL WAGES UP BY BEA/NBER and
number jobs up by BLS.. but aggregate SS taxes that being paid for each legally worket are down y/y..

only explanation that salaries of new workers are way less than laid off workers..

but number of jobs dont indicate anything.. aggregate demand /salaries is everything.. so no matter how much shitty jobs are being made , big if , if aggregate salaries are down.. that means

NO JOB CREATION, NO INCOME , NO DEMAND... NO GDP GROWTH..

THINK ABOUT IT

alx

Fri, 04/01/2011 - 08:48 | 1124580 A Man without Q...
A Man without Qualities's picture

Hourly earnings disguise the fact that many workers are doing overtime for no extra pay...

Fri, 04/01/2011 - 08:58 | 1124636 Cdad
Cdad's picture

You make that sound so negative.  Com'mon man, the criminal syndicate known as Wall Street calls that Productivity Gains...and those are great.

Get back to work, serf.

Fri, 04/01/2011 - 08:42 | 1124546 SloMoe
SloMoe's picture

Birth/Death finally out at +117,000

Fri, 04/01/2011 - 08:41 | 1124548 Critical Path
Critical Path's picture

And silver gets kicked in the mouth.  No problem, I've been expecting it.  Going to pick up some more physical...

Fri, 04/01/2011 - 08:51 | 1124608 6 String
6 String's picture

OF course silver was kicked in the mouth. The economy is kicking ass. Unemployment way down, money supply growing, dividends at banks are now across the board, QE3 is off the table.....for now, deficits don't matter...it's the fucking lull before the next crises.

Silver will go down with no QE3 by 30-35%, commodity prices will get smashed....stocks will go down, treasuries will get a bid....all in all, it's going to be a totally uneventful year in a year that everyone was expecting fireworks, everyday.

So much for sensationalism. BTFD.

Fri, 04/01/2011 - 09:33 | 1124789 tmosley
tmosley's picture

Wow, didn't know they HAD a 6th string.  Getting pretty unimaginative with those names.

Fri, 04/01/2011 - 09:41 | 1124820 baby_BLYTHE
baby_BLYTHE's picture

I prefer 8-Strings, myself ;)

http://www.youtube.com/watch?v=f1hmI4eqzps

Fri, 04/01/2011 - 09:01 | 1124646 pazmaker
pazmaker's picture

I'd say silver is holding up fine..it appears $37 is now the new support.

Fri, 04/01/2011 - 08:42 | 1124554 Corduroy
Corduroy's picture

Easy peasy Japanesey

Monthly actual job losses are matched with number of children born and number of illegals entering the country and the resulting difference is then massaged with labor force participation rate = non farm payrolls report yay ! 

Fri, 04/01/2011 - 08:49 | 1124565 ebworthen
ebworthen's picture

 

"NFP at 216,000" = Bullshit

 

Fri, 04/01/2011 - 09:24 | 1124572 Zina
Zina's picture

Unemployment rate bellow 9% for the first time in nearly two years?

Great. The end of the world will have to wait until December 2012.

Fri, 04/01/2011 - 08:47 | 1124575 AN0NYM0US
AN0NYM0US's picture

|

Fri, 04/01/2011 - 10:10 | 1124935 IWanaBRich
IWanaBRich's picture

Soon it's gonna be your shoe-shine boy telling you that ... hope you'll be out by ten.

Fri, 04/01/2011 - 08:49 | 1124589 plocequ1
plocequ1's picture

My CPA Joe Weisenthal told me buy stocks.

Fri, 04/01/2011 - 08:50 | 1124590 trillion_dollar...
trillion_dollar_deficit's picture

Walmart greeters and $4 gas.

Welcome to the wreckovery!!!!!!!

Fri, 04/01/2011 - 08:50 | 1124592 gordengeko
gordengeko's picture

Now the market can price in these new figures right?  SP 3000, since it goes up regardless and goes up squared if any hint of a spin comes positive. 

Fri, 04/01/2011 - 08:48 | 1124595 monopoly
monopoly's picture

Shorting makes no sense when you have the Head Inmate of the aslyum making the calls.

Will add to miners when it settles down. Nothing has changed.

Fri, 04/01/2011 - 08:51 | 1124600 kito
kito's picture

i guess all you moribund pundits will have to wait for the next cyclical downturn in about 10 years to cry the sky is falling!! face it, its GOOD NEWS.

Fri, 04/01/2011 - 08:54 | 1124613 Johnny Lawrence
Johnny Lawrence's picture

"All" of us.  Sorry dude, but the "all" you reference are in the minority.  Wall Street is extremely bullish.  You're in the majority in your view.

Fri, 04/01/2011 - 08:56 | 1124619 ebworthen
ebworthen's picture

 

I suppose it would be good news if my girl came home with her panties inside out, bra in her purse, and rumpled hair telling me she had just landed that lead role in the play too, eh?

 

Fri, 04/01/2011 - 08:51 | 1124601 ebworthen
ebworthen's picture

 

"Would you like fries with that?"

 

Fri, 04/01/2011 - 08:50 | 1124602 GOSPLAN HERO
GOSPLAN HERO's picture

No need for QE3.

Fri, 04/01/2011 - 08:52 | 1124603 Zerro
Zerro's picture

Whatever happened to displaying the civilian employment/population ratio alongside these numbers for clarity ? 

Naaah, that would make it to obvious....[/S]

http://research.stlouisfed.org/fred2/data/EMRATIO_Max_630_378.png

Fri, 04/01/2011 - 08:51 | 1124609 monopoly
monopoly's picture

Oil at 107, Inflation raging. Yup, this is gonna work.

Fri, 04/01/2011 - 09:24 | 1124747 SheepDog-One
SheepDog-One's picture

Reality. Gas way up, Walmart CEO says tsunami of way higher prices on everything next.

Jobs? Bullshit. Wheres a list of who did all the hiring? Pure fantasy.

Fri, 04/01/2011 - 09:35 | 1124748 hedgeless_horseman
hedgeless_horseman's picture

Maybe the Bernank is Buy Buy Buying the USD today hoping to keep a lid on oil?  If so, it won't work for ever.

Fri, 04/01/2011 - 08:53 | 1124611 Caviar Emptor
Caviar Emptor's picture

We'll soon see who's bluffing: If the better numbers are a result of stimulus and anticipated further stimulus, then the prospect of the end of QE combined with tightening will turn the mood sour fast. Confidence will plummet if the signs are no good. 

Fri, 04/01/2011 - 08:56 | 1124630 Mentaliusanything
Mentaliusanything's picture

So being a dumb fuck - does this mean its all working (except for the 37% who aren't participating)

There will be no need for QE3 because its little brothers got the job done.

Banks can now mark the shit on their books to actual market value.

Fanny and Freddy have been made whole and the Maiden Lane tripletes are not stinking nyphomatic whores but true Southern belles that have their virginity still held in the box it came in.

That's what makes us tough. Rich fellas come up an' they die an' their kids ain't no good, an' they die out. But we keep a-comin'. We're the people that live. They can't wipe us out. They can't lick us. And we'll go on forever, Pa... 'cause... we're the people.

Fri, 04/01/2011 - 08:56 | 1124631 SuperRay
SuperRay's picture

geez, people seem to be talking like that number actually means something, and is not just pure bullshit.  The Fed is just trying to set the conditions to pull back, praying that a miracle will happen and the market won't collapse.  great oppy to buy more physical in a few weeks if this crap drives down PM...

Fri, 04/01/2011 - 09:30 | 1124776 DavidC
DavidC's picture

Great point SuperRay.

DavidC

Fri, 04/01/2011 - 11:57 | 1125269 esch
esch's picture

Hail Mary farce.

They keep using those jumper cables on a fried economy. They may get a twitch, but not much more.

Fri, 04/01/2011 - 08:57 | 1124634 Silverhog
Silverhog's picture

Home Depot in my town is hiring with low wage part time openings. Not far away, the computer store where my daughter works just laid of 6 full time employees. Welcome to the new recovery. Everyone will be part time with no benefits. 

Fri, 04/01/2011 - 09:18 | 1124709 rsnoble
rsnoble's picture

I came to that conclusion during my 99 week stint of sitting at home.  Went back to work a few different times "oh we have tons of work, were a growing company" busted my ass, finished the job "damn, we have nothing left to do".  Fuck 'em.  I paid off all my bills and can get by on a few hundred dollars a week now I make hustling.  You wanted the black economy you got it.

Fri, 04/01/2011 - 09:53 | 1124876 Gimp
Gimp's picture

That's the plan by corporate America. Gotz to keep the profits up!

Fri, 04/01/2011 - 08:57 | 1124637 ColoradoNugget
ColoradoNugget's picture

In the "be careful what you wish for" department, this month's employment datapoint should be the clincher for the Fed to feign an ending to QE, at least for a while.  The bulls can celebrate +216,000/8.8%, but they will wake up to the hangover of realizing that the economy's "training wheels" are about to come off, and the Treasury cliff is about to be reached.  April will mark the market's top for a long, long, time.

Fri, 04/01/2011 - 09:23 | 1124729 rsnoble
rsnoble's picture

The fed announced yestereday before the close that there will be a rate hike coming. 

Fri, 04/01/2011 - 08:58 | 1124638 tallen
tallen's picture

Naa, this is midly good news. The market will probably collapse today. All the bad news sends the market up.

Fri, 04/01/2011 - 08:59 | 1124639 ebworthen
ebworthen's picture

I've got a summer of beer and burger lunches coming and $10K left on the credit card limit so...

Fri, 04/01/2011 - 08:57 | 1124641 dexter_morgan
dexter_morgan's picture

Getting my coffee this morning they were saying on the t&v set that this was a precipitous drop in unemployment.............so there. Didn't catch which channel was on, but they were all pretty orgasmic about it.

Fri, 04/01/2011 - 09:05 | 1124666 ebworthen
ebworthen's picture

Once your 99 weeks of unemployment are up you have to go back to work for a little while doing something to get back on the dole again.

This is the "Oh shit I need to flip burgers or stock shelves or mow lawns for couple months" NFP (well, the part that isn't fudged, which is equal to a stadium or so of people across the entire nation).

Don't forget the 20'something lemmings who think that $19,000 a year with no benefits is a lot of money; it usually takes about 99 weeks or so for them to figure out they are getting bent over.

Fri, 04/01/2011 - 09:43 | 1124836 baby_BLYTHE
baby_BLYTHE's picture

I am 20 and make slightly more than the figure you posted + benefits.

I am just happy to have a job during this Depression, period!

Fri, 04/01/2011 - 16:23 | 1126444 ebworthen
ebworthen's picture

I admire your outlook and work ethic.

Whatever you do don't have children, as you will need twice as much to survive unless you are on the dole.

Fri, 04/01/2011 - 09:09 | 1124677 dexter_morgan
dexter_morgan's picture

Looks like it's having the desired effects on PM's anyways

Fri, 04/01/2011 - 09:12 | 1124685 rsnoble
rsnoble's picture

We're gonna have ourselves a recovery rather you like it or not and we'll drag you along if we have to.  You don't suppose a country in worse shape than Greece would be inclined to get out their big set of magic erasers?

Fri, 04/01/2011 - 09:15 | 1124686 Kina
Kina's picture

If they started paying people to stop participating in the work force they could solve the unemployment rate problem quick smart. BB will use that as his excuse for QE3. In fact if he printed enough he could reduce the participation rate to zero. Unemployment rate problem solved.

Fri, 04/01/2011 - 09:15 | 1124696 AndrewJackson
AndrewJackson's picture

Wow, it is clear that tptb will do any thing to goose this number to the magical 8% level. 

 

It looks like now the Fed will have to temporarily stop QE for a moment. The treasury market is going to fall like a stone. 

Fri, 04/01/2011 - 09:16 | 1124708 dexter_morgan
dexter_morgan's picture

Appropriately timed BS report, April Fools day, and looks like most are getting fooled.

Fri, 04/01/2011 - 09:29 | 1124770 SheepDog-One
SheepDog-One's picture

Let em all live in Fantasyland. I just want 1 real test- Stop POMO's and raise rates, lets see how rosy everything comes up then!

Fri, 04/01/2011 - 09:23 | 1124739 Drag Racer
Drag Racer's picture

I just watched this video of a oil spill cleanup worker close to death

http://current.com/news/93090046_thousands-of-gulf-oil-spill-clean-up-cr...

and then I come here and read this BS.... fuck I wanna puke

Fri, 04/01/2011 - 09:31 | 1124773 Fearless Rick
Fearless Rick's picture

OK, I'm prepared to be junked vigorously, so here goes:

while it's only one data point, the NFP number of 216K was exactly what the Fed needed. Kind of a Goldilocks number that wasn't too big, nor too small, but just right, giving them the cover they need to shut down QE2 in June, as planned.

If this trend continues through the second quarter, with roughly 150-225K per month in jobs gains, it will offset the losses coming in state workforces, which actually will be staggered in as budgets come out and layoffs occur in different sectors, though the big dump will be in August and September when they kill some teachers.

Let's face it folks, the US economy is simply too big and too robust and too well-supported by the Ponzi-makers in cngress, the White House, the Fed and Wall Street.

Not saying that this is entirely good - in fact, I don't like the whole set-up - but the governemtn controls the numbers, so the economy isn't going to implode, you can stop buying ammo, PMs, canned goods, bottled water, etc. and get back to productive enterprises.

The world doesn't stop because a bunch of sound-money, back-to-the-earth devotees on Zero Hedge thinks it should. There will be no revolution and it surely won't be televised.

Fed wins. Bankers win. Economy will run on fiat until it doesn't.

The silver lining - pun intended - is that PMs will be cheaper and remain a store of value no matter what.

I'm holding for silver at $30 to buy more, dropping my buy target from $32.

Fri, 04/01/2011 - 09:31 | 1124780 SheepDog-One
SheepDog-One's picture

Go ahead, stop POMO, HFT, and raise rates. Lets see how much the FED is 'winning' then.

All simply BS.

Fri, 04/01/2011 - 10:00 | 1124850 baby_BLYTHE
baby_BLYTHE's picture

I am still prepping. More than ever, actually.

I have never been more pessimistic.

Have you heeded Ron Paul's warning about the FED losing control, the dollar "crashing" and blood running in the streets? He is never wrong. Not when it comes to economics. It is all about timing.

http://www.youtube.com/watch?v=sPQs6ri7Dt0

Fri, 04/01/2011 - 09:34 | 1124788 DavidC
DavidC's picture

Nice ramp up into the end of the quarter so the bank figures will look good and they can relax a bit, good figures today reducing the likely need for QE3 (at least that's what the Fed is praying for), time for a correction even if only small?

DavidC

Fri, 04/01/2011 - 09:42 | 1124811 virgilcaine
virgilcaine's picture

Decline in pm's a warning for stocks?  They are quite sensitive to the fed elixir, that magic potion that makes stocks dance.

Silver especially we could be near a  "High".

Fri, 04/01/2011 - 09:41 | 1124818 Eally Ucked
Eally Ucked's picture

Funny thing when you look at those numbers:

Health care increased by 37k jobs, probably they treat stress of unemployed people and getting paid by gov.

After getting treatment for stress all those people are going for vacations or to the bar to calm down their anxieties. 37k new jobs.

Between vacations and bar visits the frequent temporary job agencies, 29k.

All companies are hiring persuasion gurus to explain to workers how to work more efficient for half the money. 35k jobs.

All together 138k of new jobs. Who the hell makes real money? 

Fri, 04/01/2011 - 09:46 | 1124839 SheepDog-One
SheepDog-One's picture

Exactly right, show me the money!

Fri, 04/01/2011 - 09:46 | 1124843 dexter_morgan
dexter_morgan's picture

the banksters?

Fri, 04/01/2011 - 10:11 | 1124898 virgilcaine
virgilcaine's picture

Wage deflation?  Lack of Quality High Paying Jobs..thats too much reality for this Administration..think achievement.. winning.  Structural issues are not winning and to be avoided..& almost time to launch a new ground offensive somewhere, someplace, people need the  liberating that only US cruise missiles can provide.  

Fri, 04/01/2011 - 10:05 | 1124920 Lone Mad Minute...
Lone Mad Minute Medic's picture

Listen Homies. Ifin da gob mint says the unemploy rate be 8.8%, youz can take dat to da bernak!

Fri, 04/01/2011 - 10:46 | 1124992 Sunshine n Lollipops
Sunshine n Lollipops's picture

A local McDonald's sign yesterday loftily notified the world that they were 'Accepting applications for employment'.

I remember when bottom-of-the-barrel, shit-eating job 'opportunities' like that were offered up with 'Now Hiring' signs.

They'll probably get several hundred desperate, downsized, college-educated twenty-somethings just hoping to make it past the screening process so they can at least get an interview with the 19-year old manager.

Ya know, if disgraced Wall Street/Banksta elites were forced to work at places like that in an imaginary world where justice actually exists (just talking about the low/mid-mgmt types. The big fish would be lined up against a wall and shot), I'd eat there every day.

Fri, 04/01/2011 - 12:54 | 1125499 DR
DR's picture

I've notice a switch from illegals to white kids working at the McDonalds near my home and work site.

Could be a seasonal thing..

Fri, 04/01/2011 - 10:31 | 1125020 bluebare
bluebare's picture

I can't recall a time since the FASB decision when the news has been this face-slapping insulting. 

I look forward to the day the Fed pulls out and find its dick covered with a smelly brown substance.

Fri, 04/01/2011 - 11:33 | 1125196 dexter_morgan
dexter_morgan's picture

Silver down 29 cents.....yawn.......

Fri, 04/01/2011 - 11:49 | 1125245 tmosley
tmosley's picture

Silver down two cents, lol.

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