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March NFP big miss at just 120K. Unemployment rate declines from 8.3% to 8.2%. Futures slide, for at least a few minutes before the NEW QE TM rumor starts spreading. And as always, as we predicted when Goldman hiked its NFP forecast yesterday from 175K to 200K, Goldie once again skewers everyone.
The U.S. economy added 120,000 jobs in March, marking the smallest increase in five months, the government reported Friday. The number of jobs created last month fell well below expectations and failed to break the 200,000 level for the first time since December. Economists surveyed by MarketWatch expected a 210,000 increase. The unemployment rate, meanwhile, fell to 8.2% from 8.3%, mainly because more people dropped out of the labor force. The average workweek fell 0.1 hour to 34.5, while average hourly earnings rose 0.2% to $23.39. Employment gains for January and February were little changed under Labor Department revisions. Employment in March was hurt in part by a 34,000 decline in retail jobs.