The Non-Farm Payroll report hits at 8:30 this morning. The only question is “How Ugly?”
The Labor Department is expected to report that employers cut 648,000 jobs in February, according to economists polled by Thomson Reuters/IFR. That would be more than the 598,000 shed in January. The unemployment rate is expected to jump to 7.9 percent from 7.6 percent.
And they’re out, Feb payrolls down 650,000, unemployment rate now at 8.1% vs. 7.6%, highest since December 1983. So yeah, it’s basically this ugly: