Payne's Perspective: April 5, 2021: Tech Retaking the Lead
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:
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:
The U-3 unemployment rate edged lower to 6.0%, but it’s still 2.5% points higher than last February.
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