Will the Data Bring the Bears Out of Hibernation?

In case you missed it, the Bureau of Labor Statistics reported Friday morning that Nonfarm Payrolls, which is one of the most closely followed gauges regarding the state of the economy, was a big "miss" for the month of March. While economists had projected that the economy would create 245,000 new jobs last month, it turns out that only 126,000 new jobs were born.

For those keeping score at home, this was the fewest number of new jobs created in 15 months and the second biggest "miss" by analyst estimates since November 2008. What's more the new job totals for the last two months were cut by a hefty 69,000, bringing the average for the first quarter down below 200,000.

Although markets were closed for trading Friday, the reaction in the futures market was swift. Bond yields dove as the 10-year quickly fell to 1.81% after the report (from Thursday's close of 1.904%). And S&P 500 futures dropped a quick 20 points.

At issue here is the concern that the economy, which had been humming along at the end of last year, may be falling victim to more than just the unseasonably cold weather and the West Coast port strike. Our furry friends in the bear camp remind us that the ongoing rally in the U.S. dollar may be impacting more than just the profits of multi-national corporations and that oil's swan dive is also putting a damper on the economy. Those seeing the glass as at least half-empty also point out that the U.S. consumer is most definitely NOT spending their savings from the gas pump.

If you will recall, the economic data has been coming in on the punk side for most of the year. And the only real bright spot has been the Nonfarm Payroll and Unemployment ...

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