Media Appearance: Kudlow & Company (4/09/07)

Monday, April 09, 2007 | 04:30 PM
in Media

Kc128x88

A very quick-post NFP hit tonight on K&C (opening 5 minutes). It is a review of what to make of the upside surprise in jobs Friday -- a good but not great employment report.

Regardless of how you rank that NFP, it most likely takes any Fed cuts off the table for the next 6 months, barring the next really bad econodata.

A few quick points on NFP:

* Employers added 180,000 jobs in March -- though most of the higher-than-expected total was due to surprisingly good weather.

The Licsio Report adds::

* These gains were rather narrowly distributed, however. The old standbys, health care and bars and restaurants, together contributed more than a quarter of the gains. Nearly a third the total gain came 
from construction - but most of that from specialty trade contractors, who mostly finish buildings rather than start them.  Retail added 36,000 (and was the source of about two-thirds  of the upward revision to February employment); this is a burst of strength from what had been a lagging sector.

* Professional and business services, the heart of the post-industrial economy, fell 7,000, its first decline since November 2004, and a sharp contrast with its average gain of 37,000 in the previous six months. Declines in this sector are rare outside recessions; this is one of the things that keep us from reading this as a truly strong report.

* Diffusion indexes confirmed the narrowness of the gains, with the one- and three-month measures actually falling, an unusual contradiction of the headline payroll number's month-to-month expansion.

>

UPDATE April 9, 2007 5:21pm

There's a lesson in that kids -- never go on TV doped up on allergy medicine.

Not only do I look stoned, but I have no clue what-the-hell I said . . .

Monday, April 09, 2007 | 04:30 PM | Permalink | Comments (14) | TrackBack (0)
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Comments

Good appearance on LK.

MOS missed their number?

D'oh!

Posted by: Grodge | Apr 9, 2007 5:14:23 PM

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