The numbers are in, the market does not like the smell of reality.
ES selling off from the 1400 level yesterday, currently 1373.
http://money.cnn.com/2012/05/04/news/economy/jobs-report-unemployment/
NEW YORK (CNNMoney) -- Hiring slowed in April and workers dropped out of the labor force in droves -- not a good sign for the job market going forward.
The economy added just 115,000 jobs in the month, the Labor Department reported Friday, down from March when employers created 154,000 jobs.
Meanwhile, the unemployment rate fell to 8.1% as 342,000 workers dropped out of the labor force. At 63.6%, the portion of the adult population participating in the job market is now at its lowest level since 1981.
That's problematic mainly because it weighs on economic growth.
"If there are less people working, then your potential for what the economy can produce is reduced," said John Silvia, chief economist at Wells Fargo. "You've also got a problem in financing government spending and Social Security, Medicaid and food stamps, etc. Anyway you look at it, it's worrisome."
