Hooray the unemployment rate plummeted to 9.0%!
Hooray the unemployment rate plummeted to 9.0%!...wait a second, the nonfarm payrolls number only rose by 36,000, 100,000 less than forcast. Huh?
This morning's jobs report was a really strange mixed bag.
The unemployment rate fell...that's good.
The country added significantly fewer jobs than expected last month...that's bad.
Average hourly earnings rose...that's good.
The average workweek for private-sector employees fell...that's bad.
Odd numbers. Sure the weather may have messed with things a little, but really the only thing that I can take away from this is to ignore the numbers ;). Anecdotally it seems to me as though the economy is getting better, very slowly. I think that there are opportunities to make money by investing stocks given the amount of money that the government is printing. The "core" industries that many economists ignore when looking at inflation, food and fuel, should continue to do well in the near term. With Brent crude over $100/barrel it's only a matter of time before oil hits $100 here in the U.S. Plus, I continue to expect the prices of agricultural commodities to rise.
Economy Adds Few Jobs