TNA - March Jobs Report - Millions Missing From The Rolls

• Recently, the March jobs report showed a whopping 916,000 new jobs. Interestingly, there were some anomalies in the data and millions missing from the official count.
• There is currently a 130,000 person unemployment gap between the smoothed non-seasonally adjusted data and the official "seasonally adjusted" data.
• A point overlooked when reporting on employment is the "growth" of the working-age population.
• There has undoubtedly been a recovery from the recessionary lows. However, when the economy does return to "full employment," we will likely see fewer full-time jobs than before the past two recessions.
• We know that demographics and debt are long-term deflationary drags on economic growth that short-term stimulus won't cure. It is just a function of time until the financial markets figure this out as well.

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