March Payroll Miss Huge: Only 103K Jobs Added As 159K Unable To Work Due To Bad Weather

Going into today's payroll number, the whisper number was for a substantial miss because as Deutsche Bank notedthis morning," consensus estimate has overestimated the initial March nonfarm payrolls print in four of the last five years by an average of 62k." Well, that almost exactly how much the consensus estimate of 185K was missed by, because in March, the BLS reported that only 103K jobs were added, a 3 sigma miss to consensus, and roughly 66% drop from February's upward revised 320K.