Funemployment: March 2017 report is just fine

Do not buy into any narratives today wherein “March non-farm payrolls was a disastrous miss.”

Number one, it’s a single month and number two, the report was solid.

Yes, the headline jobs created number missed (98k vs 180k expected) but wage growth of 2.7% was slightly better than consensus, unemployment percentage rate dropped to a low not seen since May 2007 and the three month average – a much more reasonable period of time – is still hovering up near 200k jobs.

By the way, construction was healthy and it was retail (minus 29,000 jobs or so) that acted as a drag. These are my Not Shocked eyebrows.

Bonds may get a little love this am on the headline miss and the tame wage growth figure, but outside of that, nothing much worth carrying on about. Context, Felicia, context.

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