Today's jobs report was a pretty bad one. Nonfarm payroll employment rose by only 120,000 in March, which was less than half the rate of the prior three months. The unemployment rate remained at 8.2%. The average workweek for all employees on private nonfarm payrolls edged down by 0.1 hour to 34.5 hours in March.
Expectations had been for a gain of 205k. This is a terrible report and it will put a lot of pressure on Obama and deservedly so. He has bought into all the deficit hysteria being promulgated by the Debt Terrorists.
The stock market had been looking highly speculative lately, with data not corroborating the sharp advance. Indeed, a broad range of numbers out of the economy had been weakening. This is a further sign that the economy is in trouble.
All this was predicted in my 2012 Yearly Outlook. It's the only MMT-based economic forecast out there. You can still get it and read the rest of my predictions on stocks, bonds, gold, commodities and the dollar! (Get it here.)
Outlook for the euro now looks increasingly precarious. A slowdown in economic activity in the U.S. and even the prospect of recession, will put huge economic strains on Europe. The euro could slide sharply. This could be a great time to short the euro. Get the skills you need to trade Forex with my upcoming Forex Trading Boot Camp, Apr 15-17!