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  • Employment Report

    • -- 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.

    Apr 5 2013