4/5/2021
By Charles Payne CEO & Principal Analyst

The highlight of the week came on a day the stock market was closed - 916,000 jobs were created in March, which crushed the consensus estimate.  Many smart people modeled for more than one million. The report’s driving force was the increase in cities and states reopening their economies to various degrees.

The result was focused on areas that were hardest hit during lockdowns:

• Leisure and hospitality: 280,000
• Public and private education: 190,000
• Construction: 110,000
• Professional and business services: 66,000
• Manufacturing: 53,000
• Transportation and warehousing: 48,000

Non-farm Monthly Jobs Report (BLS)

Headlines screamed with joy, and President Biden took a victory lap, but the report revealed more economic problems. It should make everyone rethink policy prescriptions that purport to help but mainly deepen the more dire aspects of the employment situation.

Real Unemployment (U-6) Number and Other Lowlights:

• 9.7 million unemployed +4.0 million from February 2020
• 21.0% teleworked from 22.7%
• 11.4 million lost job due to employers closed during the pandemic - 13.3 million in February
• 3.7 million prevented from looking for work due to the pandemic, from 4.2 million

The U-3 unemployment rate edged lower to 6.0%, but it’s still 2.5% points higher than last February.

To read the full report, contact your account representative or email Research@wstreet.com

Charles Payne
Wall Street Strategies

Add a Comment!