Tomorrow the non-farm payroll report will be released. It is the most important monthly statistic. If below 125,000 new jobs that means on a “real” population growth basis no new jobs were created. The consensus is roughly 165,000 new jobs, with some forecasting as low as 125,000. If consensus is true then a “whopping” 40,000 new jobs will have been created, which if annualized would reduce the unemployment rate by roughly 0.35% a over a year. Then it would only take about eight more years to reach a full employment rate of 4%. That would mean that the country would have gone through a 12 year period of high unemployment from late 2008 to 2021.