U.S. economy added 178,000 jobs, beating the consensus 51,000 forecast. Forecasts ranged from -25,000 to 75,000, though prior month was revised down to -133,00.
Manufacturing added 15,000.
U-rate fell B/C labor force participation fell to 61.9. Wages fell from 3.8% to 3.5%. The employment-population ratio is now just 59.2.
Unemployment fell because of labor force exits. That's how the methodology of the employment situation report works.
Strong job markets such as the one during Trump 1.0 show increasing participation rates and ratios AND declining U-rates.
Also, March jobs went to foreign born.
The Relative Performance Index (RPI) still came in at +42 given how weak expectations were for the monthly employment situation report.
FYI, a reading above zero means that the economy in general has been performing more strongly than expected and vice versa for a reading below zero. The closer is the value to the maximum (+100) or minimum (-100) levels, the greater is the degree to which markets have been under- or over-estimating economic activity. A zero outturn would imply that, on average, the market consensus has been correct. Note too that the index is sensitized to place extra weight upon those indicators that investors consider to be the most important.
Lightning is BRIGHT
During Road Rage I mentioned that a nasty storm was brewing, and figured I'd show you.
Ha!
Sorry, folks.
I put it as an image before and not a video.
The GOP donor class doesn't at all share the values of the GOP base, and when they win elections, the donor class wants payback and the base wants promises kept.
The donor class wins every single time.
@RobertBarnes and @PeoplesPundit explain to Chat.
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Something is happening here?!?!
https://x.com/whitehouse/status/2079200970739724545?s=46&t=GimxI671Pqc2hckEBeJUSQ
Welp, I'm back. After we got done earlier and we spoke with Ro, Laura tried to no avail taking a nap, but was constantly bothered by one of the children. Lol.
But then I spoke with my father for a good long while, which was nice. Joe Piscopo called and sent him a recorded video after, which was super nice of him. My father would've loved watching that performance.
Tomorrow, I'm think we may be starting at 6:30pm so I can do a quick update with Matt Gaetz on his show. If not WATO, I'll try just doing ITN solo.
Good to be home, as usual, where we'll stay for a few days before heading to Chattanooga for the event with Barnes!
Watching people attempt to "unskew" polls conducted by all walks of this industry—ranging from Nate Cohn at The New York Times to Spencer Kimball at Emerson College to Tim Malloy at Quinnipiac—all to deny Donald Trump's gains against Joe Biden with various voting blocs, is more than a little sad.
The slew of recent polls over two weeks—to include no less than four today alone—have simply confirmed prior findings published from other pollsters who have previously been "unskewed". That includes your's truly and our work at BIG DATA POLL, Mark Penn at Harvard University, Patrick Ruffini at Echelon Insights, and many others.
I'm temped to equate this with an Occam's razor-like situation. But this debate is more about likelihood than simplicity.
Here's the Presidential Vote Preference Trend for Biden v. Trump going back to August 2020. The Public Polling Project did not begin asking the Rematch Question for 2024 until September 2021. However, we can still make some pretty important and interesting observations.