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The March Non-Farm Payrolls report came in at  120K, well below expectations of 37K.
Private payrolls missed badly, coming in at 121K vs. expectations of 215K.
Unemployment, however, fell from 8.2%, down a tick from 8.3%.
From the report:
Nonfarm payroll employment rose by 120,000 in March, and the unemployment
rate was little changed at 8.2 percent, the U.S. Bureau of Labor Statistics
reported today. Employment rose in manufacturing, food services and drinking
places, and health care, but was down in retail trade.