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Chinese exports fell dramatically last month and Europe is close to if not in recession. Recession is now a matter of when not if and sooner looks more likely than later. Trump will face considerable pressure now to S-can his tariff war which hastened the day.
One should always wait for the revision! I suspect bad weather had something to do with it. On the other hand, wages continue to increase.
Yeah. There are clearly some issues with this month's number. Labor is a lagging indicator and we are not in recession just yet. Recession watchers should pay far more attention to the dismal Chinese export number this morning and the EU news yesterday. Both strongly suggest a global slowing is in the works. As for wage growth, a good deal of it came from the low end and may be influenced by the number of states and localities that have implemented increases in minimum wages at the start of the year. Overall, though, this whole month's report is suspect because of the shutdown.
What happened to the 172,000 new jobs that MarketWatch predicted?
“One poor report should not set off alarm bells, but given that the labor market is the linchpin for the entire economy, it does add to existing concerns and raises the stakes for next month’s report,” said Curt Long, chief economist at National Association of Federally-Insured Credit Unions."
Bloomberg.com thinks that the job number plunge is due to the furlough effect. What that means is that many Federally furloughed workers quit the part time jobs that they found in January. I will take that with a grain of salt. It can't be the entire reason.
If this trend repeats next month and the month after, the slide toward recession will have begun. No wonder the stock market fell this week.
Democrats are so happy to see the USA fail at everything it does. I'm guessing when it doesn't happen there won't be acknowledgement of that.
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Only 20,000 Jobs Added in Feb.
