Friday, June 3, 2016

Q1 Final Results: Layoffs To Fund Stock Buybacks


"I can't be sure yet, but I think I see a trend developing here"

The Labor Department also reported Friday that the headline unemployment fell to 4.7 percent.

The drop in the unemployment rate was primarily due to a drop in the labor force participation rate, which fell to a 2016 low of 62.6 percent, a level near a four-decade low. The number of Americans not in the labor force surged to a record 94.7 billion, an increase of 664,000.

Wall Street was looking for payroll growth of 162,000 and the unemployment rate holding steady at 5.0 percent.

Instead, the private sector added just 25,000 jobs. Previous months' reports also saw sharp downward revisions, with March sliding from 208,000 to 186,000 and April going from 160,000 to 123,000.

"Amazon doesn't have to worry about profits, they don't have any"

"The good news is that we made the quarter. The bad news is that we forecast zero revenue for next quarter"