NFP: Biggest decline since March 2009 – Nordea
Nonfarm payroll numbers from March undershot consensus materially, posting the biggest decline since March 2009. An even bigger plunge will, however, come next month, analysts at Nordea brief.
Key quotes
“Nonfarm payrolls clearly undershot consensus for March with a reading of -700k. This is the biggest decline since March 2009. The streak of 113 consecutive months of payroll gains has now been broken.”
“The unemployment rate jumped by 1.9%-point, with the broader U-6 measure posting its biggest monthly increase ever. The participation rate declined by 0.7%-point which is also the biggest drop ever.”
“Wages increased 0.4% m/m, clearly beating consensus, but this is simply due to low income earners being withdrawn from the equation. Wage growth will likely slow in coming months.”
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.