Payrolls Plunge To 88K, Biggest Miss Since December 2009, Participation Rate At New 30 Year Low

Well, Obama figured out the best way to lower the unemployment rate early on.....Just encourage people to quit looking for a job.(Well over half a million just did)

So much for "open-ended QE driven recovery". Moments ago the March Non-farm payroll hit and it was a doozy, printing at 88K, below the lowest forecast of 100K, well below the expected number of 190K, and a tragedy compared to the February revised print of 268K (was 236K).

This was the biggest miss to expectations since December 2009 and the worst print since June 2012. The unemployment rate declined to 7.6%, but this was due entirely to the collapse in the labor force participation rate, which declined by 20 bps to 63.3%, a new 30 year low.