Payrolls Plunge To 88K, Biggest Miss Since December 2009, Participation Rate At New 30 Year Low

Tyler Durden's picture




 

So much for "open-ended QE driven recovery". Moments ago the March Non-farm payroll hit and it was a doozy, printing at 88K, below the lowest forecast of 100K, well below the expected number of 190K, and a tragedy compared to the February revised print of 268K (was 236K). This was the biggest miss to expectations since December 2009 and the worst print since June 2012. The unemployment rate declined to 7.6%, but this was due entirely to the collapse in the labor force participation rate, which declined by 20 bps to 63.3%, a new 30 year low.

And now the time to come up with excuses is here.

 

 

and its not just the US - Canada's employment collapsed the most since Jan 09...

 

From the report:

Total nonfarm payroll employment
edged up in March (+88,000). Over the prior 12 months, employment growth
had averaged 169,000 per month. In March, employment increased in
professional and business services and in health care, while retail
trade employment declined. (See table B-1.)

Professional and
business services added 51,000 jobs in March. Over the past 12 months,
employment in this industry has grown by 533,000. Within professional
and business services, accounting and bookkeeping services added 11,000
jobs over the month, and employment continued to trend up in temporary
help services and in several other component industries.

Job
growth in health care continued in March, with a gain of 23,000, similar
to the prior 12-month average. Within health care, employment increased
by 15,000 in ambulatory health care services, such as home health care,
and by 8,000 in hospitals.

Construction employment continued to
trend up in March (+18,000). Job growth in this industry picked up this
past fall; since September, the industry has added 169,000 jobs. In
March, employment continued to expand among specialty trade contractors 
(+23,000). Employment in specialty trade contractors has increased by
128,000 since September, with the gain about equally split between the
residential and nonresidential components.

Within leisure and
hospitality, employment in food services and drinking places continued
to trend up in March (+13,000). Over the past year, the industry added
262,000 jobs.

In March, retail trade employment declined by
24,000. The industry had added an average of 32,000 jobs per month over
the prior 6 months. In March, job declines occurred in clothing and
clothing accessories stores (-15,000), building material and garden
supply stores (-10,000), and electronics and appliance stores (-6,000).

Within
government, U.S. Postal Service employment fell by 12,000 in March.
Employment in other major industries, including mining, manufacturing,
wholesale trade, transportation and warehousing, information, financial
activities, state government, and local government, showed little change
over the month.

The average workweek for all employees on
private nonfarm payrolls increased by 0.1 hour to 34.6 hours. The
manufacturing workweek decreased by 0.1 hour to 40.8 hours, and factory
overtime rose by 0.1 hour to 3.4 hours. The average workweek for
production and nonsupervisory employees on private nonfarm payrolls was
unchanged at 33.8 hours. (See tables B-2 and B-7.)

In March,
average hourly earnings for all employees on private nonfarm payrolls,
at $23.82, changed little (+1 cent). Over the year, average hourly
earnings have risen by 42 cents, or 1.8 percent. Average hourly earnings
of private-sector production and nonsupervisory employees, at $20.03,
changed little (-1 cent) in March. (See tables B-3 and B-8.)

The
change in total nonfarm payroll employment for January was revised from
+119,000 to +148,000, and the change for February was revised from
+236,000 to +268,000.

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Fri, 04/05/2013 - 08:35 | 3411807 ihedgemyhedges
ihedgemyhedges's picture

.

Fri, 04/05/2013 - 08:36 | 3411808 Shocker
Shocker's picture

The number posted was way less than expected. We still have a weak Economy / Job market.

Layoff / Closing List

-
http://www.dailyjobcuts.com
-

Fri, 04/05/2013 - 08:38 | 3411819 EnglishMajor
EnglishMajor's picture

But on our deathbeds we will receive total consciousness.  So we have that going for us...which is nice.

Fri, 04/05/2013 - 08:41 | 3411847 nantucket
nantucket's picture

that's only according to the dali lama

Fri, 04/05/2013 - 08:40 | 3411856 WonderDawg
WonderDawg's picture

Long hitter, the Lama.

Fri, 04/05/2013 - 08:45 | 3411870 GetZeeGold
GetZeeGold's picture

 

 

GUNGA GALUNGA!!!

 

Did somebody step on a duck?

Fri, 04/05/2013 - 08:45 | 3411880 Pinto Currency
Pinto Currency's picture

 

Waiting for Krugman to crow about how well the Fed is doing printing money.

Here is a picture of the true state of employment:

http://research.stlouisfed.org/fred2/series/CIVPART/

Fri, 04/05/2013 - 08:47 | 3411896 BaBaBouy
BaBaBouy's picture

Not To Worry, OpBama Says Recovery Is On !!!

Fri, 04/05/2013 - 08:59 | 3411960 flacon
flacon's picture

How come the markets aren't up on this bad news?

Fri, 04/05/2013 - 10:48 | 3412717 Atlas_shrugging
Atlas_shrugging's picture

Its easy to grin, when your ship comes in, and you've got the stock market beat.  But the man worthwhile, is the man who can smile, when his shorts are too tight in the seat.  

 

Ok pookie do the honors.

Fri, 04/05/2013 - 10:21 | 3412558 SpiceMustFlow
SpiceMustFlow's picture

"This is not the change you're looking for."

Fri, 04/05/2013 - 08:48 | 3411902 GetZeeGold
GetZeeGold's picture

 

 

There won't be any money, but when you die....on you're death bed...you will receive total consciousness.

 

So we've got that going for us....which is nice.

Fri, 04/05/2013 - 09:19 | 3412144 smlbizman
smlbizman's picture

plus i have a pool and a pond....a pond would be good for you...

Fri, 04/05/2013 - 10:50 | 3412724 Colonel Walter ...
Colonel Walter E Kurtz's picture

I blame this on you smlbizman!

You actually went and did it.... you bought that multi-unit property, didn't you?

Fri, 04/05/2013 - 13:13 | 3413381 smlbizman
smlbizman's picture

im working on it......thanks for remembering....and see what i did for the metals?

Fri, 04/05/2013 - 08:55 | 3411937 kridkrid
kridkrid's picture

The narrow gray band that represents the recession that ended a couple of years ago is insulting.

Fri, 04/05/2013 - 08:48 | 3411881 BaBaBouy
BaBaBouy's picture

.

Fri, 04/05/2013 - 08:44 | 3411872 Translational Lift
Translational Lift's picture

Ya gotta believe in something............

Meanwhile....back at Bloombarf...."when you dig down it's much better than the headline number".......BARF....

Fri, 04/05/2013 - 09:03 | 3412003 CheapBastard
CheapBastard's picture

Could be alot worse. At least they have not found 21,000 dead pigs floating down the Mississippi River.....yet.

Fri, 04/05/2013 - 08:48 | 3411904 Wile-E-Coyote
Wile-E-Coyote's picture

Yeah we now know why the bastards bashed PM's down this week. Fuck you Blythe.

Fri, 04/05/2013 - 08:38 | 3411820 ihedgemyhedges
ihedgemyhedges's picture

Pigs floating in rivers, chickens slaughtered, payroll report disaster.  That's it.  I'm done......

PS Want to see a bid?  Look at Treasuries.....

Fri, 04/05/2013 - 08:46 | 3411892 Pinto Currency
Pinto Currency's picture

Look at gold.

Fri, 04/05/2013 - 08:53 | 3411924 Awakened Sheeple
Awakened Sheeple's picture

Squeeze is on for € shorts. Europe is fixed!

Fri, 04/05/2013 - 08:43 | 3411867 zorba THE GREEK
zorba THE GREEK's picture

We must build more Burger Kings.

Fri, 04/05/2013 - 09:15 | 3412112 natronic
natronic's picture

We must build moar roads and bridges!!!

Fri, 04/05/2013 - 09:38 | 3412284 hapless
hapless's picture

Too late for roads and bridges - must. build. boats.

Fri, 04/05/2013 - 08:51 | 3411920 BlueStreet
BlueStreet's picture

Ah,  but those 88,000 jobs were valuable to each person who got one of them, and the 10% discount off the retail price they will receive is an added bonus.  

Fri, 04/05/2013 - 09:20 | 3412160 GeezerGeek
GeezerGeek's picture

I wonder how many of those 88K jobs were full time as opposed to part time. I also wonder how many of those jobs went to someone who already had a job, particularly the part time jobs. 

Fri, 04/05/2013 - 09:44 | 3412323 hapless
hapless's picture

Add in those who are not in the labor pool, you have over 139,000 people now depending on those 88,000 new jobs.  And it'll just keep getting better.

Fri, 04/05/2013 - 08:36 | 3411809 EscapeKey
EscapeKey's picture

This is strongly bullish.

Fri, 04/05/2013 - 08:39 | 3411831 Bearwagon
Bearwagon's picture

Shirley! What else could it be?

Fri, 04/05/2013 - 08:40 | 3411839 NoWayJose
NoWayJose's picture

Bullish for PM's, that is...

Fri, 04/05/2013 - 08:49 | 3411900 buzzsaw99
buzzsaw99's picture

Congrats!

Fri, 04/05/2013 - 08:51 | 3411913 archon
archon's picture

It's time for excuses, the time for lies will come later.  Here's one - "these statistics are misleading, because food stamps and welfare actually contribute more to the economy than they cost.  We're actually growing the economy by decreasing workforce participation."  Then follow-up the excuse with some name-calling and lies... "Of course, the mentally deficient, racist, bigot, homophobic republitards are infuriated when they see unemployed brown-skinned people doing more for the economy than their pitiful, anemic, dwindling numbers of hard-working Ward-Cleaver-like white guys.  This really is bullish!"

Fri, 04/05/2013 - 08:55 | 3411942 machineh
machineh's picture

'This is strongly bullish.'

It was monster bullish for bonds yesterday.

At least for thoese who received the memo (wink, wink).

Fri, 04/05/2013 - 08:57 | 3411951 jpc578
jpc578's picture

Yup. Now Bernanke has what he needs to "get to work".

Fri, 04/05/2013 - 11:12 | 3412840 Pairadimes
Pairadimes's picture

Bullish for assless chaps, home-made hockey masks and razor-sharp stainless steel boomerangs, I think you mean.

Fri, 04/05/2013 - 08:37 | 3411810 Cursive
Cursive's picture

Gravity!  Who could have known?

Fri, 04/05/2013 - 08:37 | 3411811 gatorengineer
gatorengineer's picture

Bernank - Presses to ludicrous speed.....

Fri, 04/05/2013 - 08:49 | 3411908 mayhem_korner
mayhem_korner's picture

 

 

The flash-crash in the dollar is a result of Ben switching the print-o-matic over to MSM spin points for the next couple hours.  Rumor is he'll be switching back to fiat by noon.

Fri, 04/05/2013 - 08:53 | 3411932 buzzsaw99
buzzsaw99's picture

bigger wall street bonuses can fix this. :roll:

Fri, 04/05/2013 - 08:36 | 3411812 Turdy Brown
Turdy Brown's picture

88k jobs created (a lie to srart with), and UE rate goes down??  WTF

Fri, 04/05/2013 - 08:39 | 3411835 Oldballplayer
Oldballplayer's picture

So, for every billion they pump into the market, we gain about 1,000 jobs.

Yeah...I guess that's good. Right?

Fri, 04/05/2013 - 08:41 | 3411865 Heffer
Heffer's picture

trickle down

Fri, 04/05/2013 - 08:52 | 3411930 mayhem_korner
mayhem_korner's picture

So, for every billion they pump into the market, we gain about 1,000 jobs.

 

That's the credo hanging in both Jamie Dimon and Roger Goodell's offices...

Fri, 04/05/2013 - 08:57 | 3411945 Cocomaan
Cocomaan's picture

Right, and those 88k jobs also aren't enough to keep pace with population growth.

Fri, 04/05/2013 - 08:40 | 3411842 RSBriggs
RSBriggs's picture

Because the "participation rate" dropped.  When the participation rate goes to zero, unemployment also goes to zero.   When EVERYONE is on welfare and disability, there will be ZERO unemployment.

Fri, 04/05/2013 - 08:40 | 3411855 bnbdnb
bnbdnb's picture

Labor Force

Jan - March

155654   155028

-626k

Woops.

Fri, 04/05/2013 - 08:46 | 3411889 papaswamp
papaswamp's picture

Size of civilian labor force contracted. People vanishing from the report. Must be an uptick in alien abductions.

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