Yes, the unemployment number reported this morning is horrendous. Spiking to 14.7% and with the labor participation rate plummeting, the economic release confirms Americans are hurting, and tens of millions are collecting unemployment.
This is the worst jobs report in American history.
Many analysts are point out that in the face of these numbers, the stock market has made up much of the money lost in the March crash. This doesn’t make sense to many financial professionals.
Why is this?
The reason is the market is looking forward to a quick economic recovery, no matter what Bloomberg and the other Chinese-controlled corrupt legacy media tell you.
Yes, the Fed is also supporting the markets, and the concept of a ‘free market’ is in jeopardy with all of this ‘QE’. However, as Warren Buffet said recently — ‘Don’t bet against America”.
It will be up to Donald Trump in the second term to heal the nation’s finances, and trust in the ‘full faith and credit’ of the American republic.
Nonfarm Payrolls (Apr) printed at -20500k vs 22000k consensus estimate.
Average Hourly Earning (YoY) (Apr) printed at 7.9% vs 3.3% estimate.
Average Weekly Hours (Apr) printed at 34.2 vs 33.7 estimate.
Labor Force Participation Rate (Apr) printed at 60.2% vs 62% estimate.
Average Hourly Earnings (MoM) (Apr) printed at 4.7% vs 0.3% estimate.
U6 Underemployment Rate (Apr) 22.8% vs 11.2% estimate.
Unemployment Rate (Apr) printed at 14.7% vs 14.0% estimate.
Wholesale Inventories (Mar) printed at -0.8% vs -1.0% estimate.
Baker Hughes US Oil Rig Count printed at 292.