NFP is . . . -345k

The number is . . . a much better than expected loss of 345,000 jobs.

Let’s put this into some perspective, both good and bad:

• Its the best NFP release since the crisis exploded in September 2008;
• Average hourly earnings advanced $0.02 to $18.54;
• Temporary workers continue to loss jobs, but seem to be moderating, losing only 7,000 jobs;
• Unemployment rose to to 9.4%, a 25 year high;
• Unemployment rose by 787,000 in the month to 14.5 million;
• Total job loss sine the recession started is now over 6 million;
• The broader U-6 unemployment hit 16.4%.

While many view the decelerating job losses as signaling the end of the recession, they appear to me as signaling the end of the panic period of the credit crisis. We are now in an ordinary, as opposed to historic, recession.

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