GIGANTIC MISS: JUST 88K NEW JOBS, UNEMPLOYMENT RATE FALLS TO 7.6%, DOW FUTURES OFF 150
Just 88K new jobs were created in March.
That's well below the 190K that analysts had expected.
It's also well below the "whisper" number of 150K
The unemployment rate fell to 7.6%, amid a drop in Labor Force Participation.
The slight drop in unemployment isn't necessarily a good sign.
Last month was revised up modestly to 268.
Dow futures are now off 140 points.
Fears of a "spring swoon" have grown a lot in recent days, and this number will definitely exacerbate that.
One ominous thing is that this doesn't seem to be about the sequester. It seems to be more about the payroll tax hike as retail got creamed. Professional services, which would be affected by government layoffs, were up fine.
The Labor Force Participation Rate has fallen to its lowest level since 1979.
The full report from the BEA is here.