Loading ...April Payrolls Miss At 223K, March Revised Much Lower, Wage Growth Disappoints Again
Tyler Durden’s pictureSubmitted by Tyler Durden on 05/08/2015 08:39 -0400
While the April payrolls came almost precisely as expected, at 223K, a tiny 5K below the 228K expected, the reason stock are soaring is that the already abysmal March payroll prints was revised even lower to just 85,000, the weakest print since June 2012, and pushing the 3 month average job gain to under 200K, or a level which the Fed has indicated previously it will hardly do much if anything material.
The household survey did not provide an offsetting boost, with the number of employed Americans rising only 192,000 in April according to the “other” survey.
And, as a result and as we noted in our market wrap today, with a June hike now looking unlikely, the S&P has exploded higher.