Here’s why investors could be wiped out by a second disastrous jobs report

With bullish investors pinning their hopes on a rebound in U.S. and global growth, few appear prepared for a second dismal jobs report in a row.

The strength of U.S. households has been a widely shared article of faith among stock-market investors betting on the economy to power through its recent trough, helping equities and corporate bonds rebound strongly in the first quarter. This conviction helped Wall Street shrug off fears February’s unusually soft jobs data was a portent of economic trouble.

But if nonfarm payrolls, which are due for release Friday morning, come in much weaker than expected in March, it could help unravel investor optimism that the U.S.

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