Amazingly, the futures improved after the report.
US payrolls drop 701,000 in March, the first jobs decline since 2010
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.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
Amazingly, the futures improved after the report.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
Weatherweenie's Account Talk
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
Sounds like the worst case scenario may already be priced in.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
Weatherweenie's Account Talk
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
Isn't 700k pretty low considering there were 10 million new unemployment claims the past 2 weeks?
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Weatherweenie's Account Talk
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
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.
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.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
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