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\n\t* Today we got the government's Non-Farm Payroll report, otherwise known as the Jobs Report, for the month of April and pretty much all the mainstream Wall Street guys were looking for another strong report
\n\t* In fact, earlier in the week Goldman Sachs was out saying that the 200,000 consensus estimate was too low!
\n\t* The optimism was unfazed by the much weaker than expected ADP report I spoke about on my last podcast on Wednesday, which came in much lighter than expected
\n\t* So, people didn't care, they said, "That's a one-off event, we're still looking for a good number, and we got a weak report
\n\t* Instead of 200,000 jobs we only got 160,000 jobs
\n\t* And they actually revised down the last couple of months
\n\t* But let's get into some of the details, because it gets worse, the further beneath the surface you look
\n\t* The unemployment rate held steady at 5%; they were expecting it to notch down to 4.9% - that did not happen
\n\t* Private payrolls also much lighter than expected; they were looking for 195,000; they got 171,000 and they revised down last month's from 195K to 184K
\n\t* They did get the .3% increase in average hourly earnings, but they forgot to point out that they revised month's .3% increase down to .2% so you can chalk that one up as a miss, despite the fact that nobody was talking about it
\n\t* The bigger miss was in the Labor Force Participation Rate
\n\t* Last month it was 63%, which was a move up, but in April it came back down to 62.8%
\n\t* 562,000 people left the labor force during the month of April
\n\t* A massive exodus led by young people
\n\t* A breakdown in the Household Survey for ages 20-24 reported 155,000 job losses in April
\n\t* For ages 25 - 54 -\xa0 284,000 jobs losses
\n\t* For ages over the age of 55 - this is the highest it has ever been
\n\t* Janet Yellen still wants to pretend that the reason the Labor Force Participation Rate is declining is because the Baby Boom is retiring - how much longer is she going to get away with that lie?
\n\t* The Baby Boom is too broke to retire
\n\t* The people leaving the workforce are young people in their 20's and 30's
\n\t* A breakdown of job gains by sector shows the biggest sector is professional business and temporary services - 56,000 gains
\n\t* Healthcare and education was high, and leisure and hospitality came in third
\n\t* Manufacturing barely gained any jobs after a huge loss the prior month
\n\t* Wholesale trade barely gained any
\n\t* Construction, after a big jump last month - only 1,000 jobs
\n\t* Retail trade lost 3,000 jobs
\n\t* Mining and logging continues to lose jobs
\n\t* On a good note, government actually lost jobs
\n\t* That's a good thing - we don't need so many people working for government - they're not productive
\n\t* Rick Santelli made a very good point today on CNBC, talking about all the jobs created at the TSA
\n\t* We're not better off with those jobs - they decrease our productivity
\n\t* As I mentioned on my last podcast, we've now had 2 consecutive quarters of losses in productivity
\n\t* Despite this bad jobs report, the market shrugged it off
\n\t* The stock market rallied because bad news is good news - the odds of a Fed rate hike are now the lowest they've ever been
\n\t* If you look at the Foreign Exchange markets, the dollar was broadly higher today
\n\t* It was up big against the Australian dollar because the Reserve Bank of Australia lowered their inflation forecast
\n\t* They lowered it from 2-3% to 1-2%
\n\t* You would think that's good news, because it means the cost of living will rise only 1-2%
\n\t* Back in the day, news of low inflation sent a currency higher, because it was not losing purchasing power
\n\t* The news sent the Australian dollar tumbling because the market now expects the Australian Reserve will have to c...\n\nOur Sponsors:\n* Check out Ethos: ethoslife.com/GOLD \n\nPrivacy & Opt-Out: https://redcircle.com/privacy