Here’s what the great Santelli says: Here’s what wrong with the jobs number:
you know what i said at 308 eastern? we want a million jobs an hour. that’s what we want. what we got looked like a good report. i said let’s get the calculator out and i did. so did my sources and big blogs many people read like zero hedge. the labor force participation rate if you look at nonseasonally adjusted, a fresh low going back to april of ’83. if you look at seasonally adjusted a fresh low participation rate going back to december of ’81. what does that mean in english? shrinkage. shrinkage. 1.2 million people are now not considered unemployed anymore. they just have left the system. we need to concentrate on the internals and eventually we want to watch the fixed income market to see if some of this sets in as people do their ciphering. back to you.