Behind Today's Stellar Jobs Print: It Was Literally ALL Part-Time Jobs (And Illegals)

First things first: unlike the last two months when both the January and February jobs prints were beyond ridiculously manipulated and goalseeked to pass a terrible number as a strong one, the March print was not a complete disaster.

To be sure, superficially the March report was another artificially goalseeked blowout that guaranteed it would have zero credibility: with 303K payrolls added which was a 4 sigma beat to the median estimate of 214K and above the highest Wall Street forecast. There is just one problem: the number of multiple-sigma beats in recent months has been so high, the entire concept of "beats" has become laughable. ---More...