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March Payrolls Huge Miss: Only 126,000 Jobs Added, Worst Since December 2013
We warned yesterday that the "whisper expectation is for a NFP print that will be well below consensus, somewhere in the mid-100,000s if not worse now that the bartender hiring spree is over", and we were right: moments ago the BLS reported that in March a paltry 126K jobs were added, nearly 50% below the 245K expected, and the lowest monthly increase since March 2013.The unemployment rate was unchangned at 5.5%.
The change in total nonfarm payroll employment for January was revised from +239,000 to +201,000, and the change for February was revised from +295,000 to +264,000. With these revisions, employment gains in January and February combined were 69,000 less than previously reported. Over the past 3 months, job gains have averaged 197,000 per month.
Most importantly this ends any speculation about a rate hike in mid 2015, or ever for that matter, as virtually all Fed credibility is now lost.
And before you ask, no it wasn't the weather:
More from the report:
Total nonfarm payroll employment increased in March (+126,000). Over the prior 12 months, employment growth had averaged 269,000 per month. In March, employment continued to trend up in professional and business services, health care, and retail trade, while employment in mining declined. (See table B-1.)
Employment in professional and business services trended up in March (+40,000). Job growth in the first quarter of 2015 averaged 34,000 per month in this industry, below the average monthly gain of 59,000 in 2014. Within professional and business services, employment continued to trend up in architectural and engineering services (+4,000), computer systems design and related services (+4,000), and management and technical consulting services (+4,000).
Health care continued to add jobs in March (+22,000). Over the year, health care has added 363,000 jobs. In March, job gains occurred in ambulatory health care services (+19,000) and hospitals (+8,000), while nursing care facilities lost jobs (-6,000).
In March, employment in retail trade continued to trend up (+26,000), in line with its prior 12-month average gain. Within retail trade, general merchandise stores added 11,000 jobs in March.
Employment in mining declined by 11,000 in March. The industry has lost 30,000 jobs thus far in 2015, after adding 41,000 jobs in 2014. The employment declines in the first quarter of 2015, as well as the gains in 2014, were concentrated in support activities for mining, which includes support for oil and gas extraction.
Employment in food services and drinking places changed little in March (+9,000), following a large increase in the prior month (+66,000). Job growth in the first quarter of 2015 averaged 33,000 per month, the same as the average monthly gain in 2014.
Employment in other major industries, including construction, manufacturing, wholesale trade, transportation and warehousing, information, financial activities, and government, showed little change over the month.
In March, the average workweek for all employees on private nonfarm payrolls declined by 0.1 hour to 34.5 hours. The manufacturing workweek decreased by 0.1 hour to 40.9 hours, and factory overtime remained at 3.4 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls decreased by 0.1 hour to 33.7 hours. (See tables B-2 and B-7.)
In March, average hourly earnings for all employees on private nonfarm payrolls rose by 7 cents to $24.86. Over the year, average hourly earnings have risen by 2.1 percent. Average hourly earnings of private-sector production and nonsupervisory employees rose by 4 cents to $20.86 in March. (See tables B-3 and B-8.)
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Another month, same old “great” recovery
Layoff / Closing List: http://www.dailyjobcuts.com
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Nobody around to play with Johnny 5
And the revisions are just wonderful. All is Great
Economists expected nonfarm payrolls to rise 245,000 in March, with the unemployment rate holding steady at 5.5 percent, according to Reuters. February's numbers were revised lower to 264,000 from the initially reported 295,000, while January's number fell from 239,000 to 201,000.
Initial numbers? Seriously?
Worst Since December 2013
Thank goodness the Lehman record is safe.....of course....that's when 29.5 hr/wk jobs weren't the law of the land.
Yeah, this one was only about 0.35 Lehmans, or 350 MilliLehmans.
pods
I sure hope the term Millilehmans catches on.
Now there is a scale to relate to any any and all financial disasters of any kind or size!!!
Examples:
Our economy is headed for a teraLehman!!!
I went to the casino last night and lost a picoLehman!
teraLehman TL 1000000000000gigaLehman GL 1000000000
megaLehman ML 1000000
kiloLehman kL 1000
hectoLehman hL
100
decaLehman daL10
Lehman L1
deciLehman dL0.1
centiLehman cL0.01
milliLehman mL0.001
microLehman ?L0.000001
nanoLehman nL0.000000001
picoLehman pL0.000000000001
LOLLLLLLLLLLLLLL AWESOME!!!! Be honest how long did it take you to get the units right?
My old Physics class in Jr. college back in 1974 has FINALLY paid off! Knowledge I thought I would never use, stockpiled throughout the ages, until this one brief shining moment!!! Alas, and now it is over.
What I couldn't get right is the spacing to make it stack correctly in the the little ZH edit box.
I opened the beer when I saw "worst since..." Too late now, I'll drink it anyway.
Good on yer, doing your own communion!
I look at the daily job cuts just about everyday. It was pretty quiet until about the end of 2014 now just about eveyday loads of layoff & closings across a wide range of industries. it is getting harder and harder to hide these facts.
I looked today out of curiosity and was informed of a plant owned by the company I work at shutting down. Great.
So we just reached peak jobs?
Peter Schiff must be doing an endzone dance somewhere, he predicted all of this!!
Bullish.
Cue the no rate rise talk.
Rock meet hard place.
D@mn it, now where am I gonna find someone who knows how to make a good Mai-Tai?
A bad employment related report on Wed, a good one on Thurs, and then a bad one on Friday. I stand by my theory. The numbers are being invented to create trading opportunities. They are all bullcrap. There was no doubt in my mind these numbers would suck after yesterday's report.
I tink the Economic term is "Anally Extracted"
I think it's more of an "Anal Birthing".
How about Getty'd? Too soon?
Yeah bad one on the day the market is closed!
Market? What is this word you write of?
Yah, a 300,00 number would have conveniently snuck out yesterday somehow
Janet Yellen lies, the media lies, all to continie this " recovery" narrarive to make Obama look good.
We all live in fantasy land !!!
And you can't call out Obama or its "racist"
Just call him a cunt - totally valid and no racism involved.
Bad news is always bullish in this twisted and controlled market.
Man the weather is bad out there lol.
Nothing like releasing bad stats on a public holiday.
I think I will buy myself a little Silver this weekend. Metals market's Sunday night open may be interesting.
The cartel will be very active Sunday GLOBLEX.
8 guys each dumping 25-50 tons of gold at market with no bids.
Be on the lookout for “Peter Schiff was Right 3” coming to a theater near you. Fuck you CNBC!
The media hates Peter Schiff because he's a sane economist and sees through the lies and bs from the Fed. He predicted all of this and will be vindicated.
Where are the recovery cheerleaders at today???
Where are those pathetic excuses for a human being Ron Insana, Scott Nations, Steve Liesman, and wacky Jackie DeAngeles?????
Egg all over their faces !!!!!
now that's better. The algos were hoisted on their own collective petard. Nice 10 point dump on the ES. It was the head fake to 2063 that was funny. I guess when the sluice gates are wide open, there's nothing left to cover the increasing bad news. Cue the small dead cat bounce as humans cover their shorts.
We now return you to your regularly scheduled algo bit-fest. SHouldn't be any stops to run now. What to do if you're a binary animal? On. off. on. off. on. off. Every second is an eternity. tick tock. tick tock. living inside a broken clock.
Won't see a rate rise for years - would drive the USD to double the Euro.
Euro is heading to par and a rate rise in the US will crush SPX revenue and earnings as we will see shortly.
Why would the US gov write a higher coupon rate than they already have to? The answer is that they won't.
The Fed buys US bonds AFTER they are sold by the US gov's broker. In short, the Fed is far from a rate setter. But they can influence them.
Can the spin machine go to 11?
Greek default, dreadful jobs number, economy in shambles...and Gold sits there saying " What did I do "....TPTB sure showed their hand with this Metals manipulation bull shit.
Whats up with Gold..I have not seen it move on any chart/feed? ...Nevermind its closed for Good friday...took me a minute
confessions of a gold stacker
I'm not good at predicting very much. But my guess would be that gold will rise quite a bit when the markets reopen on Sunday night in Asia. Of course, I have not a clue what it will look like in US markets when they open Monday am. Seems like forever since I predicted that one right.
http://data.bls.gov/timeseries/LNS11300000
62.7% BLS Labor Participation Rate -- March, 2015
It's like a 100 million shouted out in extreme terror......and then silence.
The faux in the recovery chicken coop.
More debt stuffing/hiding.
The central banksters won't allow a cleansing of the financial system/reset.
Essentially 0 rates for years to come.
"Most importantly this ends any speculation about a rate hike in mid 2015, or ever for that matter, as virtually all Fed credibility is now lost."
This statement is true only if you believe that low interest rates are actually helpful to the economy but what if the true fix all along is market driven interest rates?
Depends on what you consider "fixed" looks like.
Free money to the bankers while the rest of us get hollowed out? Low rates are good.
Real price of money driven by markets, leading to rational investment and not misallocation? Low rates bad.
"Most importantly this ends any speculation about a rate hike in mid 2015, or ever for that matter, as virtually all Fed credibility is now lost."
This statement is true only if you believe that low interest rates are actually helpful to the economy but what if the true fix all along is market driven interest rates?
We all tend to wear goofy hats when talking about the Fed. We try to be polite. Replace the word "speculation" with "pretense" and see if it doesn't make sense...
Same old shit, different day. However, the HFT algos are "sad" because the markets are closed due to Good Friday, so no "bad news = good news bullshit". BTFD unless it doesn't work, then STFR unless that doesn't work; no cost for this priceless advice.
www.traderzoo.mobi
why do i have a feeling that if the ''markets'' were open today, this number would have just been reported much higher, even though we all know it would have been a lie anyways?
dont worry, by monday there will be some false bs rumor about greece or something to bring futures off the lows and into the green.
Hey. At least McDonalds is hiring waiters and waitresses. Maybe even a maitre d'
I'll be working salads. I like salad.
tossing them?
Tossing it right now - rofl.
WTF? Who the hell on here is volunteering for fries? WE HAVE HUNGRY CUSTOMERS LINING UP RIGHT NOW!
Employers market.
Twice as many employees to worry about breaking the 30 hr/wk threshold....no thanks man.
Damn. Should have played the whisper number Zero Hedge reported on... Spot on!
Yeah, I was short USD going into the data, but I was scared and got out. Fortune favors the bold and if I held it through the data, it would have been poppin' bottles right about now.
Relax
OMomma promised 135,000 job counter jobs to be to be added over the weekend
'Blame it on the Rain' Milli Vanilli
and how is that not a bullish number?
mooooooaaaar QE
index futures shall end in the green today
Anyone think this B.S. was planned months ago so the sack of turds could be crapped out on a non market day? See gold is up about $10 in Europe make that now $5.....what a joke. Probably have it down by the London close. Everything on lockdown until it isn't.
https://www.bullionvault.com/gold-price-chart.do
Conclusive proof Jesus died for our sins- the sly bastard even closed the markets to protect us
Come Monday, we resurrect to new highs
LMAO
I loves Jesus
The US economy is weak and the Fed can't even lift off with 25 bp. What a joke.
Mark Zandi said on March 24 that "the economic expansion is firmly entrenched."
It's rare to find an individual as stubbornly obtuse as Mr. Zandi.
Zandi is just a PhD pump monkey for his Wall Street masters.
He's an embarrassment to the word education.
Millilehmans.
You sir, are a genius.
This has to somehow be converted into a unit of measure for the misery index.
And the futures go green. It hasn't been a free market for years.
Just buy the dips and make money.
Some folks were ass-raped by the banksters.
"Most importantly this ends any speculation about a rate hike in mid 2015, or ever for that matter, as virtually all Fed credibility is now lost."
Not yet. Fed credibility will take a huge hit when they have to implement a QE-4 variant, but final loss of credibility happens when $USD paper begins washing ashore en-masse. A major shift away from the $USD had not yet gained traction in 2008/2009/2010/2011/2012 when all the prior QE shenanigans were taking place. Nor had the U.S. completely Skrewed-the-pooch with its foreign policy. The 'chessboard' looks entirely different now.
how many bond speculators have been created "since Lehman"
Japan was qe4, Europe was qe5, we will soon be unleashing qe6
Wait till we see 5% unemployment at a negative payroll number.
And a fcuking Good Friday to all you folk.
Jesus died for our sins >>> shorting gold.
Well he did upset the Money changers. It's the price even a Deity must pay when screwing the pooch
Fock Obunghole's hocus pocus what does the Shadow Index have to say?