March Jobs Report -701,000
US payrolls drop 701,000 in March, the first jobs decline since 2010
Quote:
Nonfarm payrolls dropped by 701,000 in March, according to Labor Department numbers released Friday that begin to show the economic damage wrought by the coronavirus crisis.
It was the first decline in payrolls since September 2010.
The unemployment rate rose to 4.4% as employers just began to cut payrolls ahead of social distancing practices that shut down large swaths of the U.S. economy in order to stop the virus’s spread.
Re: March Jobs Report -701,000
Amazingly, the futures improved after the report.
Re: March Jobs Report -701,000
And the futures rallied, briefly.
Quote:
Originally Posted by
tsptalk
US payrolls drop 701,000 in March, the first jobs decline since 2010
Re: March Jobs Report -701,000
Sounds like the worst case scenario may already be priced in. :scratchchin:
Re: March Jobs Report -701,000
Or a sucker rally? Not sure if we have seen the worst.
Quote:
Originally Posted by
tsptalk
Sounds like the worst case scenario may already be priced in. :scratchchin:
Re: March Jobs Report -701,000
Isn't 700k pretty low considering there were 10 million new unemployment claims the past 2 weeks?
Re: March Jobs Report -701,000
Quote:
Originally Posted by
k0nkuzh0n
Isn't 700k pretty low considering there were 10 million new unemployment claims the past 2 weeks?
I thought the same thing.
Re: March Jobs Report -701,000
Both use the week up to the 12th of the month for sampling, which in this case was before the worst of the job losses began.
Quote:
Originally Posted by
k0nkuzh0n
Isn't 700k pretty low considering there were 10 million new unemployment claims the past 2 weeks?
Re: March Jobs Report -701,000
Quote:
Originally Posted by
weatherweenie
Both use the week up to the 12th of the month for sampling, which in this case was before the worst of the job losses began.
Thanks for that info. So then based on that April's numbers could be much worse? Just saying if it doesn't include the whole month of March.
Re: March Jobs Report -701,000
The government’s survey of establishments painted a grim picture of the U.S. employment situation through early March, but its poll of households was far worse.
The household survey, which asks individual residents how many people are working there, showed a stunning drop of 2,987,000 workers for the month.
Re: March Jobs Report -701,000
Quote:
Originally Posted by
tsptalk
Sounds like the worst case scenario may already be priced in. :scratchchin:
I think you're right. At least for this week, or so.
Re: March Jobs Report -701,000
They're still calling for double digit unemployment rate numbers before long so yeah, ww is right about it lagging. Of course by the time we see a 10% or 15% unemployment rate in the report in April or May (May / June releases), the market may have had that all priced in, and stocks could be climbing already. Especially if the virus numbers stabilize in the interim.
At this point, as far s the stock market goes, it's more about the technicals working out the expectations - testing the low, relief rallies, etc.
It will be interesting to see how the market reacts to the earnings reports in the coming weeks. The 1st quarter wasn't impacted until into March so the numbers may not be horrible, but the question is whether their negative guidance going forward is fully priced in.