March Payrolls Crumble: Only 98K Jobs Added Even As Unemployment Rate 4.5%
And so the reflation trade is dead once again.
So much for that blockbuster ADP report. As we warned earlier in our payrolls preview, the big risk to today’s payrolls report was to the downside, mostly as a result of the unseasonably cold March weather, and moments ago the BLS confirmed that indeed something snapped in March when only 98K jobs were added, roughly half of the 180K expected.
Worse, both prior months were revised lower. The change in total nonfarm payroll employment for January was revised down from +238,000 to +216,000, and the change for February was revised down from +235,000 to +219,000. With these revisions, employment gains in January and February combined were 38,000 less than previously reported.