Comment by phil

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phil
April 4th, 2014 at 9:20 am

Good morning!  

Here's another good one from the Dead Kennedys:

We used to listen to that album in High School (1981) and College and it's amazing how this sort of 1984 warning is almost like history today…

Anyway, Big Brother says Jobs Report was good and the Robots are marking up the Futures so all must be well…  Same as last month, I really would like to see 1,900 on the S&P hold for 2 days before getting bullish.  Meanwhile, watching and waiting seems like the best move.  

Muted reaction to jobs report

• March Nonfarm Payrolls: +192K vs. consensus +200K, +197K previous (revised from 175K).
• Unemployment rate: 6.7% vs. 6.6% consensus, 6.7% previous.
• In addition to February's revision from 175K in job gains to 197K, January is revised higher by 15K jobs to 144K.
• Average hourly earnings fell by $0.01 to $24.30. On a Y/Y basis, average hourly earnings are higher by 2.1%. The average workweek increased 0.2 hours to 34.5 hours, offsetting the net decline over the previous three months.
• The headline unemployment rate didn't fall as expected, but this came as people flocked back into the workforce to the tune of about 500K workers. The labor force participation rate rises to 63.2% from 63% previously. A year ago it was 63.3%.
• The broader U-6 unemployment rate rose to 12.7% from 12.6%. A year ago it stood at 13.9%.
• S&P 500 (SPY) futures pop just a bit higher, now +0.3%; the 10-year Treasury yield ticks down a basis point to 2.79%.