Okay, as compared to yesterday’s ADP jobs report, this morning’s government unemployment/employment numbers were just plain old disappointing.
Change in Nonfarm Payrolls +18K, versus economists estimate of +105K, the prior period number was +54K
Change in Private Payrolls +57K, versus economists estimate of +132K, the prior period number was +83K
Change in Manufacturing Payrolls +6K, versus economists estimate of +6K, the prior period number was -5K
Unemployment Rate 9.2%, versus economists estimate of +9.1%, the prior period number was 9.1%
There is no way to sugar coat these numbers, they suck. Without employment gains the economy is going nowhere and the thought of a stronger rebound in the second half of the year is now in serious jeopardy.
John Broussard
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury
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