“Literally Shocking Data” – April Payrolls Miss Huge, Just 266K Jobs Added Below Expectations Of 1 Million
With expectations of today’s payroll print soaring, consensus expecting a whopping 1 million number and some forecasters calling as high as 2+ million, few were prepared for a miss (just 2 forecasters out of 79 were calling for a sub 800,000 print). And of course the market gods made sure to inflict the most possible pain on as many as possible, with the BLS reporting an April payroll of just 266K in April, a huge miss compared to the 1 million consensus estimate.
At least the people in Venezuela are starting to fight back even though they have no firearms. All they had to do to make an accurate forecast was to walk outside and see help wanted signs, inflation and empty shelves everywhere. When people are paid not to work, they will not work.