Market Mover Friday: April Jobs Report…

Breaking….

Unemployment rate is 8.9%, highest since 83

Smaller than expected 539,000 jobs lost in April….

But the revisions are bad for March …

CNBC:

..U.S. employers cut a smaller-than-expected 539,000 jobs in April, the smallest amount since October, according to government data on Friday that hinted at some improvement in the labor market and the recession-hit economy.

..However, the Labor Department said the unemployment rate soared to 8.9 percent, the highest since September 1983. March’s payrolls figure was revised to show a decline of 699,000, compared with a previously reported drop of 663,000. Job losses in February were bumped up to 681,000 from the previously estimated 651,000….

MiM expects next month they will revise these numbers higher…

Now that the Stress Tests are officially over and these jobs numbers came in better than expected there may be a killer rally today but MiM still considers it a Bear Market Rally and we aren’t playing…maybe if it were someone else’s money like it is for Congress we would be all smiley and enjoy the 30% jump this Rally has given the S&P Financials……..

PS Govt hired 66,000 Census workers, so this number is ya know, Government Cheese…

May 8, 2009. Tags: , , , , , . Economy, Labor Department, Obama Administration, Politics, Uncategorized, Unemployment Statistics, Wall St.

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