Summary: It’s time for the monthly festival of misinformation about the jobs report! It is ugly news for investors, the Fed’s governors, and Team Trump. But it might — perhaps — point to a stronger future for America. The Roman god Janus sees both sides of the news. So should we. This is the second of today’s posts.
- The number of nonfarm jobs grew only 0.8% SAAR in March, at the low end of the 7 year range.
- YoY job growth was 1.5%, the second slowest since August 2011.
- Real wage growth is even weaker.
- Jobs and wages are the largest engines of US growth. Their slow growth shows the madness of equity investors and the Fed’s governors.
The bottom line: reality shatters the dreams of accelerated growth, dreams on which equity investors and Fed governors have wagered much. The March employment report provides vital insights for any American interested in the seeing what 2017 holds for the US economy. As the god Janus told Rome, this bad news holds the possibility of a great outcome for America.
