Goldman Sachs explain the NFP miss – blaming laziness

The US nonfarm payroll report on Friday was an epic miss on estimates.

Consensus was for around an addition of a million jobss.
GS was above consensus, circa +1.3million if memory serves.
The number (let’s get another drum roll ICYMI):
  • US April non-farm payrolls +266K vs +1000K expected

The market impact:

 

Goldman Sachs explain the miss by blaming laziness, sSaying that the labor supply appears to be tighter than the unemployment rate suggests
  • likely reflecting the impact of unusually generous unemployment benefits and lingering virus-related impediments to working.
‘Unusually generous unemployment benefits.’ I’m calling b/s on that. But, there you go.