Item in the WSJ today (pushed to me by e-mail, btw):
WSJ NEWS ALERT: Nonfarm Payrolls Surge by 180,000 in March; Jobless Rate Falls
"U.S. payrolls surged by 180,000 jobs in March, and the unemployment rate fell to 4.4%, increasing the chance of consumer-driven ecomnomic growth and lowering the likelihood of any near-term cut in interest rates. Outside of manufacturing, payroll gains were broadly based, with construction and services posting healthy increases. Previous months' employment increases, meanwhile, were revised up."
This is a number to watch - at conference for trade show CEOs I attended last month an economist with an impressive 20-year track record compared leading indicators and this one - along with availablity of credit - is one of the most relaible for projecting the strength of the economy over the next 6 months - a forward indicator
So, the economy looks good for next 6 months! (But, couldn't we kinda feel that anyway?)
Snarky comment:
Now....aren't virtually all payrolls "nonfarm" these days? If non-farm is meant to remove seasonality I wonder if they also remove "non-retail" in December, when temp payrolls surge.
Farms.
Snort.
