Weak Jobs Number

Big miss in the jobs number this am. And it should be noted that the 54,000 number includes 206,000 estimated jobs created using the 'birth/death' model of the BLS.

Over the past 3 years, government has borrowed and spent $trillions, and printed and spent $trillions more largely in the name of 'creating jobs.' Yet, anemic employment persists despite the federal government's best efforts to paint the data pretty.

Will markets view this job report thru a glass half full or glass half empty lens? The bullish argument is that weak jobs data will require more government intervention (can you say 'QE3'?).

The bearish argument is that a weak employment situation persists in the face of $trillions of government intervention, suggesting that perhaps prolonged economic weakness is unavoidable.