Seriously, hear us out.
We've been talking all morning about what a bad jobs report we got for March.
But there is another side.
We chatted with Matt Busigin, an economist and investor, who argues that actually this was a "great" jobs report.
His basic argument:
The important leading sub-indices (professional/business services, construction) were strong.
In the key demographic groups, unemployment dropped massively, suggesting that a lot of what people are worried about is just based on aging demographics, not anything cyclical.
As for the mass exit from the workforce, it finally appears that people have the confidence to retire.
Interestingly, Matt is not alone in his assessment. Over at The Bonddad Blog, they call it The Best Awful Employment Report Ever.
Here are some of their bullets on why the number was actually a good one:
The broad U-6 unemployment rate, that includes discouraged workers, fell a full 0.5 percent from 14.3 percent to 13.8 percent.
The index of aggregate hours worked in the economy also surged 0.3 from 97.9 to 98.2.
Temporary jobs — a leading indicator for jobs overall — increased 20,300
construction jobs added 18,000.
The number of people unemployed for five weeks or less — a better leading indicator than initial jobless claims — fell by 203,000 to 2,464,000. This may be a new post-recession low. If it isn't, it's close (I'll double check this and update). UPDATE: It's the second best by 11,000. In March 2011 the number was 2,453,000. This is NOT recessionary.
Below is the transcript of our chat with Matt.
Matt Busigin: I think it's a great nfp
Joe Weisenthal: why?
MB: large upward revisions
MB: strong leading cyclical sub-indexes - construction and professional/business services
JW: anything else?
MB: unemployment in 25-34 men dropped 108k in one month man
MB: people are finally feeling confident enough to retire
ok, I give you an A+ for courage.. but, if Matt Busigin was that smart to come up with this reason, then why didn't he releases this information forehand, instead of waiting until the actual job report missed the expectations for over 100K and then scrambling for B'Sing..
critical economic numbers this week were bad.. except it and move on...
Kibbles is not the only one spouting this nonsense. Some clown and one of the news feeds says that it is great news because 600,000 + people decided to retire because the economy is so good??? say what??? Same lies over and over again.........sad part is people believe them.
Your stupidity never ceases to amaze me. Your friend Jim Cramer says he can't find anything good in this jobs number. I guess his opinion doesn't matter since you "ruined" him by taking the other sides of his trades.