Hoo-ray!!!! We Lost Half A Million Jobs!!! Rally The Markets!!!!
A slowing rate of job loss isn’t the same thing as job growth.
– James Picerno, “Still Hoping….”, The Capital Spectator, May 8
Stocks gapped up this morning on a better than expected April Jobs Report. Non-farm payrolls declined by 539,000 in April – better than the 600,000 expected by Wall Street economists. The official unemployment rate rose to 8.9%.
Also, there were 66,000 new jobs created by the Federal Government. A lot of commentators are saying that is related to the Census. Take those out and we have 605,000 job losses.
Call me a cynic but I always thought job losses were bad. Especially half a million of them – which would result in a 4% increase in the unemployment rate if sustained for a year.
Not in this market! Bulldozer!