Morning Report: Job growth disappoints

Vital Statistics:

Stocks are flattish this morning after the ADP jobs report came in light. Bonds and MBS are down small.

The private sector added 77,000 jobs in February, according to the ADP Employment Report. The consensus was for 162,000 jobs, so this is a sizeable miss. “Policy uncertainty and a slowdown in consumer spending might have led to layoffs or a slowdown in hiring last month,” said Nela Richardson, chief economist, ADP. “Our data, combined with other recent indicators, suggests a hiring hesitancy among employers as they assess the economic climate ahead.”

Pay increased 4.7% for job stayers. ADP looks at private payrolls, not total, so it would correspond to the 143,000 expectation for Friday’s jobs report. Friday’s jobs report could miss substantially on the back of DOGE and government workers / contractors being let go.

Mortgage applications rose 20% last week as purchases rose 9% and refis increased 37%. The 30 year fixed rate mortgage declined from 6.88% to 6.73%.

“Mortgage rates declined last week on souring consumer sentiment regarding the economy and increasing uncertainty over the impact of new tariffs levied on imported goods into the U.S.,” said Joel Kan, an MBA economist, in a release. “Those factors resulted in the largest weekly decline in the 30-year fixed rate since November 2024. This is a period where we typically see purchase activity ramp up and purchase applications were up over the week and co

50 Responses

  1. Imagine thinking this is a profound act.

    This is a demonstration of stupidity and they should be fired for that.

    Like

  2. Yes, and the current base of the Democratic party is fine with this:

    If you oppose all tariffs, you are essentially signaling that you are comfortable with exploited foreign workers making your stuff at the expense of American workers.

    https://www.nytimes.com/2025/03/07/opinion/tariffs-democrats-mexico.html

    The writer should have been the one to give the Democratic response to Trump’s speech and make exactly the points he did in the Op-Ed.

    Like

    • I grew up in the Rust Belt, and Buy American bumper stickers were everywhere.

      In fact, if your Toyota broke down on the highway, you would struggle to get a tow truck.

      Like

  3. Lol!

    Ethics experts say the arrangements are murky, unprecedented in D.C. and raise questions about DOGE’s intentions. 

    This article is amazing.

    https://www.politico.com/news/2025/03/06/doge-federal-office-bedrooms-00216863

    Like

    • “ “This administration is firing career workers, federal employees, eviscerating civil service protections for government employees, but is also so desperate for work that it is allowing other government employees to, or directing other government employees, to sleep at work,” he said. “That doesn’t make sense.””

      We may never crack this mystery!

      “ Jeff Nesbit, whose career as a political and career federal staffer spanned both Republican and Democratic administrations, said the situation is dumbfounding.””

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      • I’ll believe all of this is more than theater when the DC real estate market starts getting hit.

        Until then, I am skeptical.

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  4. It’s obvious who wants a career in DC and who does not.

    https://archive.is/PEzex

    I am much more sympathetic to Musk, slash and burn approach than any scalpel bullshit. I am flabbergasted that these appointee’s think they’re being convincing with the “scalpel” argument. We all know what that means.

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  5. John Tester thinking that “disenfranchised Republicans” will help save the Democrats is fascinating, and implies magical thinking.

    https://twitter.com/EricAbbenante/status/1898217898973577596

    Considering the turnout and the fact that Trump won, says to me, there are not enough to help Democrats. Further, those “disenfranchised Republicans” have voted Democrat for the last 3 cycles, they’ve been Democrats since 2016. This voting cohort, that could vote for Democrats but, …. Doesn’t? It doesn’t exist.

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  6. This is the smart play, leaning into it and have fun. Like Trump and the mug shot.

    Like

  7. Shocking!

    And I’m sure there is no precedent for this.

    Like

  8. I am wondering if this info was always publicly available, and if so, does the DOGE site make it easier to research. If not, this is a fantastic addition to radical transparency.

    Like

  9. The horror, spending the same amount as last year.

    D.C. officials stunned as House GOP proposes $1 billion in cuts to city

    The bill aimed at preventing a government shutdown would make D.C. revert to its 2024 spending.

    City officials fear cuts to police, schools and other services.

    By Meagan Flynn

    https://www.washingtonpost.com/dc-md-va/2025/03/09/dc-budget-congress-house-republicans-continuing-resolution/

    Like

  10. Kevin Drum died on Friday.

    https://jabberwocking.com/health-update-100/

    Like

  11. Their commitment to fight to the last Ukrainian citizen and the last American dollar is inspiring.

    https://twitter.com/WallStreetMav/status/1897403950619615486

    it’s second only to their own commitment.

    Like

  12. Is it Constitutional To Deport Immigrants for Political Speech?

    President Donald Trump has begun kicking immigrant “Hamas sympathizers” out of the U.S.

    Jack Nicastro | 3.10.2025 4:07 PM

    https://reason.com/2025/03/10/is-it-constitutional-to-deport-immigrants-for-political-speech/

    Like

    • This made me laugh,

      Constitutionality aside, Strossen opposes Trump’s policy “on [the] pragmatic basis [that] you don’t change an attitude by criminalizing its expression.”

      Like

    • jnc:

      Andy McCarthy argues that this framing is incorrect, and that he is not being kicked out for “political speech”.

      https://www.foxnews.com/opinion/andrew-mccarthy-does-constitution-really-protect-columbia-agitator-mahmound-khalil-from-deportation

      Khalil is not subject to deportation because he is a Muslim or because he is deeply opposed to Israel’s existence as a Jewish state. His political speech and association with like-minded students (whether Muslims or non-Muslims) are not the point – even if he and his supporters would have you believe they’re the only point.

      When he “mediated” on behalf of campus agitators – who had set up an illegal encampment blocking other students from tending to their studies and normal campus life, and who had illegally occupied and vandalized university buildings – he wasn’t engaged in political speech. He was pressuring the university to make concessions to the agitators’ pro-Hamas demands, with the understanding that if the administration did not capitulate, more and worse damage would be done on campus.

      That’s not political speech. It’s extortion. American citizens who engaged in such behavior would not have a First Amendment defense. They’d likely face prosecution – and, in fact, dozens of the agitators were arrested in connection with these activities, and may still face other legal consequences.

      He goes into the nitty gritty of the actual law here:

      https://archive.ph/NeGTV

      Like

      • “That’s not political speech. It’s extortion.”

        Then charge him and convict him of extortion or other related crimes and use that as the basis to revoke his green card.

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        • They do not need to prove it at trial, the law gives the Executive branch, the State Department specifically, discretion on the deportation. Your issue is with the statue. I do not begrudge a nations ability to decide who can or cannot say if the are not a citizen. The statute invests that power with the Executive branch.

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        • My issue is with bad faith enforcement of the statute.

          Giving the Secretary of State the ability to deport based on “foreign policy consequences” is meant for a situation like having the former Shah of Iran in the United States and his presence triggering a take over of the United States embassy in Iran.

          A green card holding graduate student, not so much.

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        • I sincerely believe that Trump views that dude as a threat to the U.S. via his obvious support for Hamas.

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        • So you think the standard for denying/revoking a green card should be the same as the standard for convicting someone of a crime?

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        • There are a few other conditions for revoking it in the current statute involving residency and foreign citizenship that make sense.

          But when it comes to crimes, yes you should actually have to be convicted of the crime before it can be used as a basis for revoking the green card. Mere accusation or an administrative determination isn’t sufficient.

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        • Understand. You say “should”, does the statute require it or are you saying it should. I don’t know. My understanding here is that the SOS gets to decide and it’s not subject to Judicial Review. I think you’ve been saying that they are tossing this dude due to his speech, if I’m not mistaken?

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        • jnc:

          In US history, there have been lots of immigration bans on people espousing various ideologies such as anarchism and communism. I don’t see a problem with that, and I don’t see a problem with including advocacy on behalf of a group like Hamas as being included among those banned ideologies.

          I am largely a free speech absolutist, but that doesn’t mean that anyone I invite into my house can say whatever they want while in my house. If what they say bothers me enough, I reserve the right to kick them out of my house. The same should be true with regard to the nation and immigrants. American citizens have both free speech rights and a right to be in the US, so as a consequence their speech needs to be tolerated, even if it is agitating on behalf of groups like Hamas. Foreigners have free speech rights, but no right to be in the US, and so while I certainly think they have a right to agitate on behalf of groups like Hamas, they do not have the right to do so inside the US. They can angitate anll they want from their own country. And if they do decide to do it here, I think we citizens have every right to kick them out of our house.

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        • Here is a thread on the case that is interesting and reinforces the SoS discretion theory.

          https://x.com/profmjcleveland/status/1900176825927532923?s=46&t=vSGsUlnc4rLxcUf7zfUiHg

          Prolly end up at SCOTUS.

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        • This was a revealing interview:

          https://www.npr.org/2025/03/13/nx-s1-5326015/mahmoud-khalil-deportation-arrests-trump

          I think they originally initiated this based on the idea that he was still here on a student visa and were unprepared for him having a green card.

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        • “Foreigners have free speech rights, but no right to be in the US”

          LPR’s have a conditional right to be in the US. Undesirable speech isn’t one of the grounds for revocation of that right.

          I don’t believe that the “potentially serious adverse foreign policy consequences for the United States” argument is being offered in good faith.

          Apparently it was last used for this:

          The statute says that any “alien whose presence or activities in the United States the Secretary of State has reasonable ground to believe would have potentially serious adverse foreign policy consequences for the United States is deportable.”

          Mr. Khalil was a negotiator and a spokesman for the pro-Palestinian demonstrations at Columbia, from which he graduated in December with a master’s degree. His lawyers said Wednesday that they had not been able to hold a private conversation with him since his arrest.

          Stephen Vladeck, a professor at Georgetown University Law Center, said there was only one other case he was aware of where similar powers were cited in deportation proceedings.

          The case involved Mario Ruiz Massieu, the former deputy attorney general of Mexico who entered the United States in 1995 on a visa. That year, the U.S. government tried to send him back to Mexico, where he was wanted on money laundering and other charges.

          The secretary of state at the time, Warren Christopher, said deportation was necessary for foreign policy reasons. Allowing Mr. Ruiz Massieu to stay would undermine the U.S. push for judicial reforms in Mexico, Mr. Christopher argued. The case against Mr. Ruiz Massieu was held up on appeal.

          https://www.nytimes.com/2025/03/12/us/politics/trump-crackdown-dissent.html

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        • jnc:

          LPR’s have a conditional right to be in the US.

          I meant a natural/moral right, not a legal right. And this informs my opinion of any legal rights granted. I am perfectly fine with conditioning a foreigner’s legal right to come to and/or remain in the US on his not behaving in ways that I would have to tolerate from a US citizen.

          If I am really honest, I think that it is more the active agitation and protest rather than the mere expression of support for Hamas that really irritates me. If this guy was writing op-eds for the NYT or the WaPo, or talking about it on a TV show, I probably wouldn’t care. But the fact that he is actively involved in organizing protests that interfere with the daily lives of others…taking over campus spaces, interrupting classes, essentially imposing his views on others who can’t simply turn the page or flip the channel or not buy the paper in order to ignore it…is what I find intolerable.

          It is highly irritating when Americans do it, but this is their country too, so I guess I need to tolerate it. When an invited guest does it? Not so much.

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        • My impression is that he was fairly scrupulous about avoiding participating in the actual protests but mostly acted as a media spokesman & mediator precisely because he was concerned about the impact on his immigration status.

          https://www.theverge.com/24141073/columbia-doxxing-truck-student-encampment-palestine-israel

          This of course leads to questions about the culpability of Columbia University itself for allowing the situation to go on, if not actively encouraging it.

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        • Isn’t the proper jurisdiction the immigration courts? If so, why is a Fed court in NY involved? My understanding is that immigration court is appealable to the circuit court. So, as a LPR, dude has Due Process. Surely someone in that line of Due Process hates Trump. Dude will be home in a couple of weeks.

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        • jnc:

          My impression is that he was fairly scrupulous about avoiding participating in the actual protests but mostly acted as a media spokesman & mediator…

          If one genuinely wanted to “scrupulously” avoid participating in a protest, acting as a spokesman or a negotiator for protestors could be the dumbest way to go about it. The best way to avoid being involved in a protest is to, well, not be involved with the protests. Playing semantic games about what constitutes “involvement” hardly makes him sympathetic in my eyes.

          Like

  13. No. Don’t do it.

    https://townhall.com/tipsheet/rebeccadowns/2025/03/12/with-that-announcement-schumer-is-prepared-to-shut-down-the-government-n2653706

    Do they think that Trump or Republican’s care? Trump is in charge of the Executive branch, he literally can keep everybody working if he wants.

    Like

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