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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.

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).

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.)

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


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





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:

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 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


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



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.

Fri, 04/05/2013 - 08:51 | 3411917 Cocomaan
Cocomaan's picture

Labor force participation rate, bro!

Fri, 04/05/2013 - 08:53 | 3411931 goldinpenguin
goldinpenguin's picture

thats a really punk number thats for sure, I mean the lowest labor participation rate in 30 years!

Fri, 04/05/2013 - 09:23 | 3412182 GeezerGeek
GeezerGeek's picture

Mr. 2for22 is really giving Jimmy Carter a run for the bottom of the list.

Fri, 04/05/2013 - 08:57 | 3411954 eclectic syncretist
eclectic syncretist's picture

That's almost 1,000 jobs for every $1,000,000,000 the Fed printed last month.  In other words, it's costing taxpayers $1,000,000 for every new job created. 


Fri, 04/05/2013 - 09:12 | 3412079 papaswamp
papaswamp's picture

Ah but just think...those jobs are going to those with less than HS diploma...huge spike.

Fri, 04/05/2013 - 08:36 | 3411814 sharky2003
sharky2003's picture

I just have to say something is VERY wrong when you find yourself cheering upon seeing stocks plunge and gold/silver spike. It really shouldn't be that way, but I win today. F U Bernanke!!!

Fri, 04/05/2013 - 08:46 | 3411884 Cursive
Cursive's picture


This is what grifters/rent seekers do.  They insert themselves where they are not needed to earn pay that is not necessary.  The grifter makes coin only by creating arbitrage opportunities.  It's not real economic activity, it's actually harmful to real economic activity.  When we finally outlaw the grifters/rent seekers, we won't have to pit one financial interest or financial market against another.

Fri, 04/05/2013 - 09:06 | 3412041 Ricky Bobby
Ricky Bobby's picture

The problem is the biggest rent seekers are the local, county, state, and US governments.

Fri, 04/05/2013 - 08:37 | 3411815 FieldingMellish
FieldingMellish's picture

Out of ink?

Fri, 04/05/2013 - 08:44 | 3411877 pndr4495
pndr4495's picture

Great moniker for what you posted.

Fri, 04/05/2013 - 08:54 | 3411938 Wile-E-Coyote
Wile-E-Coyote's picture

Moar QE needed print $150 bn a month now.

Fri, 04/05/2013 - 08:38 | 3411816 TeamDepends
TeamDepends's picture

Commence ad hominem Krugman attacks in 3 2 1...

Fri, 04/05/2013 - 08:39 | 3411841 Bearwagon
Bearwagon's picture

There you go: FUCK YOU KRUGMAN!

Fri, 04/05/2013 - 08:38 | 3411818 PartysOver
PartysOver's picture

Why participate when everything is free from the goverment?



Fri, 04/05/2013 - 09:06 | 3412036 dobermangang
dobermangang's picture

And now they have the blueprint on how to steal your bank deposits.  Go Galt.  Starve the beast.

Fri, 04/05/2013 - 09:18 | 3412136 Urban Redneck
Urban Redneck's picture

I have a farm in Brazil, and if I moved from Switzerland to Brazil to farm something other than dirt or trees- I would wind up paying over 93% <<NINETY THREE PERCENT>> of my "profit" to the governments of the US and Brazil, because there is no double taxation treaty between the the US & Brazil.  The measly sub 7% take home would barely cover property taxes on land and equipment, much less actaully enjoying the fruits of my labor while paying the 40% ICMS (VAT) on iCrap or gasoline.

Coming back to the US, joining the free shit army, and watching it all burn down actually would be more enjoyable than working my ass off to pay for the 37% who are just too "discouraged" to get off their lazy asses.  

Although I could just stay here in Switzerland and lease my land to a Monsanto McFarmer who could pay big bucks to byzantine maze of corporate entities which could cap my tax rate at 7% and would allow the McFarmer to produce McFood to export to the McFatties and poison them into extinction that much faster, thereby driving the labor force participation rate back up (at the expense of never being able to use that farm to produce real food for myself).

Perverse incentives all around.  Right now I have other options, but who's to say what options will remain if the ECB fucks up and nukes the European financial system that I rely on for trade finance?  

Fri, 04/05/2013 - 08:37 | 3411822 Zero_Sum
Zero_Sum's picture

Watching CNBC, Austin Goolsby (sp?) tried to jump in and blame this on sequester; even Leisman had to disagree with him. Funny.


Fri, 04/05/2013 - 08:47 | 3411894 GrinandBearit
GrinandBearit's picture

The CNBC morons like to think that they're relevant... they're not.

Fri, 04/05/2013 - 08:58 | 3411958 Oldwood
Oldwood's picture

The numbers are only relavent to those who don't have a job. Who cares about them, right. Just print enough money to keep their mouths shut and by the time this crate hits the ground and all of the shit flows out, it will be far too late to fix anything

Fri, 04/05/2013 - 08:48 | 3411895 sangell
sangell's picture

And the segment closed with Liesman praising government spending and Santelli calling him a communist.

Fri, 04/05/2013 - 08:47 | 3411898 kridkrid
kridkrid's picture

When I see Austin Goolsby speak I find myself trying to figure out if he's an actor (i.e. knows that he's lying, but just playing a part) or if his mind is mush and as such, is mostly controlled.  There's a fine line there and it could be both, but he's interesting to watch, none the less.  He kind of scares me.

Fri, 04/05/2013 - 09:05 | 3412029 Oldwood
Oldwood's picture

Two choices. they are either evil and deliberately pushing an agenda of destruction. The other is an education and belief in a course of action and no other. No consideration of alternate approaches. No concept of possibly being deadly wrong. Failure only means they have lacked the commitment to the agenda and need only more, more , more. This is the same thing that kills people in their own lives. A commitment to a bad idea and no backing off. The difference is that those individuals tracking on a self destructive path generally only destroy themselves. These assholes, who are so self absorbed in their elitist mentality, are driving ALL of us off the cliff. In a free society we are free to self destruct but in a collectivist society we are free to be destroyed by a realtive few.

Fri, 04/05/2013 - 08:37 | 3411824 caimen garou
caimen garou's picture

wow! who would of known? I mean with all the swell headed idiots on msm screaming recovery!

Fri, 04/05/2013 - 08:46 | 3411879 TeamDepends
TeamDepends's picture

Would HAVE known.  Sorry, but this one drives us crazy.

Fri, 04/05/2013 - 08:39 | 3411825 HedgeAccordingly
HedgeAccordingly's picture

could have been worse LOL - 

Fri, 04/05/2013 - 08:38 | 3411826 fonzannoon
fonzannoon's picture

The sequester the sequester!!!!!!!

Fri, 04/05/2013 - 09:32 | 3412234 GeezerGeek
GeezerGeek's picture

Is it true that the White House is blaming Obama's poor hoop-shooting on the sequester?

Fri, 04/05/2013 - 09:43 | 3412322 Taffy Lewis
Taffy Lewis's picture

No, the White House press corps is still in shock from the 2-for-22 because they realize that Obongo really is gay, Reggie Love is his bum buddy, and the Wookie really is a single mother (sorry, OT, but I couldn't resist).

Fri, 04/05/2013 - 12:46 | 3413298 augmister
augmister's picture

Michelle is running around telling everyone she is a single mom.... So Barry isn't even hitting the rim on her basket!

Fri, 04/05/2013 - 08:38 | 3411827 mdtrader
mdtrader's picture

EUR/USD rushes above 1.30, because everything is fixed in Europe and a weaker US economy is bullish for Europe lol.

Fri, 04/05/2013 - 08:40 | 3411848 LawsofPhysics
LawsofPhysics's picture

The western world has been selling their own people out for years, nothing new to see here, move along.  Greed is good and print MOAR!!!

Fri, 04/05/2013 - 08:38 | 3411828 Temporalist
Temporalist's picture

But, but on CNBS they said it would be 150k and even Ghoulsbee said 149k and he was bearish.

Fri, 04/05/2013 - 09:34 | 3412247 GeezerGeek
GeezerGeek's picture

The upward revisions to January and February came to 60K+. Add that to the 88K and you end up at 149K. Right on target.

Fri, 04/05/2013 - 08:39 | 3411829 DavidJ
DavidJ's picture

Bullish! Bernanke willsimply  increase QE.  Dow to 36,000!

Fri, 04/05/2013 - 09:35 | 3412255 GeezerGeek
GeezerGeek's picture

Bullish! Bernanke will simply increase QE. Loaf of bread to $14.99.

Fri, 04/05/2013 - 08:38 | 3411830 Aknownymouse
Aknownymouse's picture

Seems to me that QE is NOT working. Time to reevaluate. Is it really worth the costs???

Fri, 04/05/2013 - 08:42 | 3411859 CrimsonAvenger
CrimsonAvenger's picture

You don't think the real reason for QE has anything to do with employment, do you?

Fri, 04/05/2013 - 08:46 | 3411882 e-recep
e-recep's picture

our central banker masters have spoken : there is no plan b. the only plan is "plan heidelberg".

Fri, 04/05/2013 - 08:52 | 3411925 DormRoom
DormRoom's picture

QE was predicated on Okun's Law. Given the exceptional stimulus and stagnant job growth what is their justification other than to enrich the1%?

Fri, 04/05/2013 - 08:59 | 3411957 Aknownymouse
Aknownymouse's picture

Time for both repubs and dems to challenge the fed. QE will NOT be popular during the next FED chief confirmation hearings. Not good for markets.

Fri, 04/05/2013 - 08:38 | 3411833 Roandavid
Roandavid's picture

Where's that moron Krugman?

Fri, 04/05/2013 - 08:41 | 3411851 Bearwagon
Bearwagon's picture

In a steady delirium?

Fri, 04/05/2013 - 08:38 | 3411834 diogeneslaertius
diogeneslaertius's picture

high-capacity assault analysis

definitely with white al-qaeda

Fri, 04/05/2013 - 08:39 | 3411837 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

My dog ate my homework.

The sun was in my eyes and I tripped over a rock.

The check is in the mail, really.

Fri, 04/05/2013 - 08:49 | 3411907 Temporalist
Temporalist's picture

"I ran out of gas, I had a flat tire, I didn't have enough money for cab fare..."

Fri, 04/05/2013 - 08:40 | 3411838 HD
HD's picture

Someone slap me.  I'm starting to believe fundamentals matter again...


Fri, 04/05/2013 - 08:51 | 3411919 e-recep
e-recep's picture

just check out the gold charts, you'll be OK in no time.

Fri, 04/05/2013 - 08:39 | 3411840 Turdy Brown
Turdy Brown's picture

CNN trying HARD to put a good spin on things.  Making me puke.  Talking about the under employment # going down?  Unbelievable

Fri, 04/05/2013 - 08:51 | 3411915 Shizzmoney
Shizzmoney's picture

People on my twitter stream now blaming the cold, snowy March weather #smh

On the bright side I guess, if you are a trader whose trades are based off of QE news and polciies, you will get carpel tunnell from the amount of fist pumping you did when the 88K news came out!

Fri, 04/05/2013 - 09:39 | 3412302 GeezerGeek
GeezerGeek's picture

The cold, snowy March weather was the result of Bush not fighting global warming. Therefore, the poor employment data can only be attributed to Bush.

Fri, 04/05/2013 - 12:50 | 3413306 augmister
augmister's picture

Sure.  The under employment is actually the dead and buried.   Just like in the elections, they do count for more than dust.

Fri, 04/05/2013 - 08:40 | 3411843 digalert
digalert's picture

Green shoots?

It's days like this I miss CNBS. I'll bet they're piling it on thick this morning.

Fri, 04/05/2013 - 08:52 | 3411921 Shizzmoney
Shizzmoney's picture

CNBS in a nutshell: spin the report as "just a flesh wound", but with right wing partisan jabs in between (so they can drive their "Cut Social Security" meme

The fascists are winning.

Fri, 04/05/2013 - 12:18 | 3413160 Poetic injustice
Poetic injustice's picture

Cutting social security would be good, as it would force people into streets and riots.

Fri, 04/05/2013 - 08:39 | 3411844 SeverinSlade
SeverinSlade's picture

Sequester's fault...Even though the sequester has $0 in actual cuts and only slows the rate of increased government spending...Somehow that translates into jobs lost.

Obama was right.

Fri, 04/05/2013 - 08:41 | 3411845 lizzy36
lizzy36's picture

need moar QE.

don't forget BTFD, equities are the only game in town.

great rotation narrative.

Fri, 04/05/2013 - 08:41 | 3411858 Bearwagon
Bearwagon's picture


Fri, 04/05/2013 - 08:41 | 3411852 Mr. Dew
Mr. Dew's picture

Oh, and that's a bad miss...

Fri, 04/05/2013 - 09:42 | 3412315 GeezerGeek
GeezerGeek's picture

To think that I connected the Youtube video with a commentary on Mr. 2for22. My bad!

Fri, 04/05/2013 - 09:17 | 3411853 csmith
csmith's picture

Obamacare KILLING retail.


WMT shelves are bare because they're trying to function with fewer people, as labor is now too expensive.

Fri, 04/05/2013 - 08:40 | 3411854 edb5s
edb5s's picture

Manufacturing -3K, exp +10k.  Participation rate 63.3%, prev 63.5%.  M/M hourly earnings flat, exp +0.2%.  Canadian UE rate 7.2%, exp 7.0%. 


Fri, 04/05/2013 - 08:42 | 3411862 dobermangang
dobermangang's picture

I guess this Hopey/Changey thing isn't working.

The green shoots were always poison ivy and hemlock.

Fri, 04/05/2013 - 08:42 | 3411868 SheepDog-One
SheepDog-One's picture

It's basic Lahey-nomics....what do you get when you plant shit seeds? Shitweeds.

Fri, 04/05/2013 - 08:44 | 3411876 Bearwagon
Bearwagon's picture

If that are the right weeds you can still make oil out of them ...  ;)

Fri, 04/05/2013 - 08:47 | 3411888 SheepDog-One
Fri, 04/05/2013 - 08:49 | 3411899 Bearwagon
Bearwagon's picture

Thank you, Sheepdog, I just learned something :) (I learned a lot from you anyways)

Fri, 04/05/2013 - 08:51 | 3411918 edb5s
edb5s's picture

Perfect analogy for what the Fed is doing (shit rope):

Fri, 04/05/2013 - 08:56 | 3411950 SheepDog-One
SheepDog-One's picture

Shitropes, yep...the harder you cling the more slippery they get!

Fri, 04/05/2013 - 08:53 | 3411928 bdub2
bdub2's picture

I beg to differ...

We just have to Hope moar/harder.

and Change moar. 

And it wouldn't hurt if a few you would Forward once in a while too. I mean come on!  The Ben, aka "T-DoW", can't do it all himself. (T-DoW=The Destroyer of Worlds).

Fri, 04/05/2013 - 08:43 | 3411864 SheepDog-One
SheepDog-One's picture

Looks like all the banks got caught flat footed on their UE bets....I'm sure that's no problem though they can just tax depositors -80% over the weekend.

Fri, 04/05/2013 - 08:43 | 3411873 thismarketisrigged
thismarketisrigged's picture

ya but it rained last week, thats why the numbers were weak. if it didnt rain last week in the midwest, this number would be so much higher, guranteed.


ha ha fuck u wall st and obama, u fucking suck. hows ur plan doing now douchebag bernanke and obama?


u can bet ur ass though if this was october before the election, this number would never be this  low. now the real numbers are exposed and obama is a fucking fraud who should burn in hell.


this market better fucking be down 600 dow pts today, this number was so fucking bad, i am loving it. fuck u wall st and obama. ur plan is blowing up in ur faces u douchebags

Fri, 04/05/2013 - 09:49 | 3412356 GeezerGeek
GeezerGeek's picture

The plan may be blowing up in Wall St./Obama's faces, but the US middle class will suffer colossal collateral damage. As per plan.

Fri, 04/05/2013 - 08:45 | 3411875 caimen garou
caimen garou's picture

it's a bird, it's a  plane, no, it's bend us all over bernake buying the dip on the s&p!

Fri, 04/05/2013 - 08:49 | 3411883 1100-TACTICAL-12
1100-TACTICAL-12's picture

FORWARD... Print till it blows Benny...

Fri, 04/05/2013 - 08:56 | 3411940 Bearwagon
Bearwagon's picture

It's spelled MOARWARD.

Fri, 04/05/2013 - 08:46 | 3411885 Yen Cross
Yen Cross's picture

    BTFD  The Bernak has your ass! /sarc

Fri, 04/05/2013 - 08:45 | 3411887 casaananda
casaananda's picture

Let's hope this is the beginning of better prices for the PM's. And miners.

Fri, 04/05/2013 - 08:46 | 3411893 FreeNewEnergy
FreeNewEnergy's picture


DHS breaking out the hollow points, Bernanke running to the HP printer, I am taking all my dough (what little remains)  out of the bank today.

Yeah, and  FUCK YOU OBAMA, BERNANKE, CONGRESS AND THE YANKEES (Just thought I'd throw in the Yanks, cuz I hate them).

Fri, 04/05/2013 - 08:57 | 3411948 Bearwagon
Bearwagon's picture

A toaster is just a death ray with a smaller power supply! As soon as it figures out how to tap into the main reactors, it will burn the world ...

Fri, 04/05/2013 - 08:47 | 3411897 monopoly
monopoly's picture

Well, I guess we are not printing enough. Lets double down to 170 billion per month. That will surely make it all better. 

What a crock of Shit this country is turning into. But Jamie is still richer than most of us. He said so. 

Fri, 04/05/2013 - 09:25 | 3412201 optimator
optimator's picture

Binny B. did say QE till the jobs numbers are better -- The more QE, the worse the employment numbers are so there is a connection isn't there Binny?

Fri, 04/05/2013 - 09:57 | 3412408 GeezerGeek
GeezerGeek's picture

Looking at the chart of the labor work force participation rate, there seems to be a correlation between QE and a declining work force. Assuming a causitive inverse relationship between QE and a declining work force, if the work force drops low enough, the unemployment rate will get down to the targeted 6.5%. 


Fri, 04/05/2013 - 08:49 | 3411901 Downtoolong
Downtoolong's picture

below the lowest forecast of 100K

Another great forecast by Wall Street gurus.

Let's see now, how shall I transpose this performance on their latest buy recommendations?



Fri, 04/05/2013 - 08:48 | 3411903 Shizzmoney
Shizzmoney's picture


Millionaires Got $80 Million in Jobless Aid in Recession

“So many people are taking advantage of government support that they probably feel like, why shouldn’t they take advantage of it, too?”

Fri, 04/05/2013 - 08:49 | 3411905 G_T_A_44
G_T_A_44's picture

QE has absolutely Zero; Nada; Zip impact on employment/unemployment what-so-ever.

And, both fiscal and monetary policymakers Know this, yet, the stroke; jawbone persists.

The money/debt created flows to Wall St. and a few select others and that's where the road ends as Main St. is left in drought to die.

Fri, 04/05/2013 - 09:01 | 3411979 ThisIsBob
ThisIsBob's picture

In all fairness, it is keeping some players fat.

Fri, 04/05/2013 - 08:49 | 3411906 short screwed
short screwed's picture

this shouldn't have been a surprise. The give away, JPM and GS estimates at +210k and +175k. I'm sure they've been busy putting their shorts on all week.

Fri, 04/05/2013 - 08:49 | 3411910 monopoly
monopoly's picture

My God, check out bonds. Yikes.

Fri, 04/05/2013 - 08:52 | 3411911 monopoly
monopoly's picture

Sorry, double post.

Fri, 04/05/2013 - 08:50 | 3411912 MythicalFish
MythicalFish's picture

If we close at a new Dow high tonight I'll throw in the towel and bet my pension on FB and JPM stock. "Thanks Rosengren"

Fri, 04/05/2013 - 08:51 | 3411923 Antifederalist
Antifederalist's picture

Bye, bye equity market.

Watching CNBC was amazing, the muppets were literally speechless when they heard the number.

Talk about cognitive dissonance.

Austin Goolsbee turns green: priceless.

It's game over folks, you fuckers are toast.

Fri, 04/05/2013 - 08:57 | 3411941 mayhem_korner
mayhem_korner's picture



The talking points are already out.  Per CNBC website:

The drop in the jobless rate was little more than a statistical anomaly...However, a broader measure of unemployment that counts the discouraged and underemployed also fell, declining to 13.8 percent from February's 14.3 percent


The equity markets are propped up by illusion...and the illusion is not dead.  Patience.

Fri, 04/05/2013 - 09:00 | 3411973 Bearwagon
Bearwagon's picture

The equity WHAT?? are propped up?! I am looking at this for quite a time now, and I am sure, that, wahtever it may be, it's NOT a "market". I don't know what it is, but probably it isn't even real at all ..

Fri, 04/05/2013 - 09:35 | 3412256 mayhem_korner
mayhem_korner's picture



Regrets.  The quote key is jammed on my keyboard...I wasn't sure if <open quote> rigged clownfest <close quote> would've translated.

Fri, 04/05/2013 - 09:11 | 3411926 beachdude
beachdude's picture

Liesman, who missed projecting the number by over 100%,  just opined that if he were sitting on a window ledge, he would not jump on this number...

What would make him jump?

Update: then bleated a challenge at Rick Santelli to show him a report that shows that cutting govt spending would increase jobs, and Santelli told him to go back to Russia, basically calling Liesman a communist.

Now THAT'S entertainment. Squawk box at about 5:40 am PST.

Fri, 04/05/2013 - 08:53 | 3411934 Temporalist
Temporalist's picture

Oh..oh my sides are splitting...oh Doomborg how you can make me laugh with this "headline" for "news"

Job Gains Slow as Unemployment Rate Falls to Four-Year Low

Who is the comedian there Dr. Goebbels?

Fri, 04/05/2013 - 09:01 | 3411981 short screwed
short screwed's picture

lmao. no doubt the mantra today will be that "this is the buying opportunity of a lifetime."

Fri, 04/05/2013 - 09:02 | 3411993 Bearwagon
Bearwagon's picture

That lifetime could be short ...

Fri, 04/05/2013 - 08:55 | 3411936 ekm
ekm's picture

Toronto radio that I listen to every morning said yesterday that oil reserves in USA are at a 22 year high.


When oil is in the onshore and offshore tankers, not in truck's tankers or car's tankers, what do you expect?


Time to accept that QEs harm the economy by reducing overall trade due to shortage of energy, caused by QEs.


Two options:

1) Continue like this until starvation

2) Let a couple of primary dealers die by not providing money to them via QE, hence they'd default on their CDS payouts.


Let's see.

Fri, 04/05/2013 - 09:05 | 3412026 e-recep
e-recep's picture

what's the cost of starving the common people to death to them? zilch. so option 1 is plausible. oil prices are high for quite some time now. they won't do anything about it. 

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