Responses to the NFP report from various banks are incoming - here is Goldman Sachs:
Jan Hatzius ... the March jobs report is a "pretty weak report, even though you could blame a decent amount on weather"
- The March jobs report reflects a "pretty sizeable downward revision for the last two months"
- Also notes the "drop in U6 to 10.9%."
- Says it "looks like a significant weather impact, construction is down 1,000
- Leisure and hospitality weak at 13,000... There is quite a bit of weather (impact) in here."
- Notes that the the household survey is "also weak."
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And, more from GS:
- We "continue to forecast the first hike in the Fed Funds target range at the September meeting. However, today's number adds to the risk of a later hike"
(Bolding is mine)
More reactions:
- From Goldman Sachs
- From Citi
- From BNP
- From BoA/Merrill Lynch
- From UBS and Morgan Stanley
- From Barclays
- From RBC and Credit Suisse
- From CIBC
Note: Adam had earlier reactions here: Seven economists reactions to nonfarm payrolls
