NFP = -63,000 (Off to Bloomberg TV)
Wow, thats quite a wallop -- the worst jobs report in 5 years:
"Payrolls fell by 63,000, the most in five years, after a revised decline of 22,000 in January, the Labor Department said today in Washington. The jobless rate declined to 4.8 percent, reflecting a shrinking labor force as some people gave up looking for work."
As mentioned, earlier, any one data point is minor -- its the overall direction that is significant. Today's data reflects the prior trend's accelerating weakness.
~~~
I'm off to Bloomberg TV (10:00 - 10:15) to talk about this data point, and where you can hide out during the recession . . .
Source: Barron's Econoday
>
Sources:
THE EMPLOYMENT SITUATION: FEBRUARY 2008
BLS, March 7, 2008
http://www.bls.gov/news.release/empsit.nr0.htm
U.S. Unexpectedly Lost 63,000 Jobs in February (Unexpectedly?!? Really?)
Shobhana Chandra
Bloomberg, March 7 2008
http://www.bloomberg.com/apps/news?pid=20601087&sid=aJcGRsXmyltU&
Jobs post biggest drop in 5 years
Chris Isidore
CNNMoney.com, March 7, 2008: 8:55 AM EST
http://money.cnn.com/2008/03/07/news/economy/jobs_february/index.htm?postversion=2008030708
Payrolls Declined in February, Increasing Fears of Recession
BRIAN BLACKSTONE
WSJ, March 7, 2008 9:20 a.m.
http://online.wsj.com/article/SB120489597965119543.html
Friday, March 07, 2008 | 09:39 AM | Permalink
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I'm not hiding...I'm 100% long QID
Posted by: Dee Leverage | Mar 7, 2008 9:44:11 AM
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