Employment ReportApr 5 2013
- -- MARCH PAYROLLS RISE 88,000, JOBLESS RATE FALLS TO 7.6%
- REVISIONS ADD COMBINED 61,000 JOBS FOR FEBRUARY, JANUARY
- PRIVATE PAYROLLS RISE BY 95,000, GOVERNMENT JOBS FALL 7,000
- JOBLESS RATE AT 7.574% VS 7.736% PRIOR MONTH
- WORKFORCE PARTICIPATION RATE FALLS TO 63.3, LOWEST SINCE 1979
- pool of available labor drops 389K. wow
- AVERAGE HOURLY EARNINGS FOR ALL U.S. WORKERS UNCHANGED
- UNEMPLOYMENT RATE FALLS AS WORKFORCE SHRINKS BY 496,000
- HOUSEHOLD MEASURE OF U.S. EMPLOYMENT DECREASES BY 206,000
- Hours worked upticks to 34.6 vs. 34.5
- U6 measure drops to 12.8% vs. 14.3%, part timers moving to full time and explains uptick in hours worked. Part timers fell 127k.
- FEB. TRADE GAP SMALLER THAN $44.6 BILLION MEDIAN FORECAST
- IMPORTS LITTLE CHANGED AT $228.9 BLN AS OIL PURCHASES DROP
- EXPORTS ROSE 0.8% TO $186 BLN ON ENERGY PRODUCTS, CARS
Despite an uptick in the UNR rate to 7.6%, an overall very soft report. Nonfarm payrolls only coming in at +88k, well short of the expected reading of +200k. Post report trading has been insane, with an initial spike in Fannie 3s of about half a point. Since, the market has been all over the place as we try to get our bearings – the screens are blinking around between 104-13 & 104-19. The 10yr has broken our resistance level of 1.71% and our new target to consider looks to be ~ 1.60. Hope everyone is ready to roll.