 | The not-so-good Friday job’s report translated to a miserable market Monday, but the real problem may lie in yet another downward revision Thursday.
First, let’s analyze Friday’s data. Non-farm payrolls (NFP) added 120,000 jobs in March, well below the 200,000+ recorded over the last three months and significantly lower than the consensus calls for a 205,000 rise.
This means the unemployment rate ticked down to 8.2%, but all of that was due to a decline in the labor force participation rate, which remains stuck near record lows at 63.6%. There was more bad news: the high number of workers (2.4million) that are “marginally attached to the labor force,” or those that haven’t looked for a job in the last 4 weeks but are willing and able to work.
So yes, the recent uptick in the pace of job creation propelling the market higher may have been illusory. And guess what, there is most likely more bad news on the way.
In the typical “wave the wand” antics from the folks running the show, the U.S. department of Labor revised upward the weekly initial jobless-claims report last Thursday. But here’s the kicker: they have done this 56 of the past 57 weeks, according to a Dow Jones analysis of claims reports.
Revisions to government data like durable goods and retail sales aren’t uncommon (the initial data is only estimates, made by government employees), but they don’t happen in the SAME direction for 56 weeks.
It really doesn’t matter what day of the week it is, the American people continue to be misled, misinformed, and misguided by the government and its willing accomplices in the lame stream media.
Trade well and follow the trend, not the so-called “experts.”
Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banksters.
larrylevin@tradingadvantage.com
Trading Advantage
(888) 755-3846 |  Larry Levin's Trading Advantage is a leading investment education firm that empowers traders to achieve and surpass their financial goals. More than 50,000 students have used Larry Levin's proven techniques for powerful results. | |
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Keep a civil tongue.