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Let your dreadful weekend of reading about potentially plunging stock markets and world wars commence.
The U.S. created a meager 98,000 jobs in March, according to the Bureau of Labor Statistics, well below estimates for an increase of 180,000. No matter if the bad weather weighed on the jobs market last month, ditto retail store closures by J.C. Penney (JCP) , Macy's (M) , and Sears (SHLD) , this report is horrible and the absolute last thing the already on-edge marked needed.
It sucks for several reasons. First, the disappointment comes a day after bombings in Syria by Trump have begun to rattle confidence in markets around the world. If the jobs report was decent, perhaps the market would have been more easily able to get beyond the war of words between Syria, Russia, Iran and the U.S. Alas, that is now off the table; risk assets will deservedly price in greater risk.
Secondarily, the headline miss in jobs and downward revisions to prior months arrives as the Federal Reserve is sounding hawkish with respect to rates and its balance sheet. Did the Fed miss something in their assessment of the economy? Are they locked into raising interest rates even if jobs underwhelm again in April? These are just some of the questions that will surface in the wake of the March numbers.