April Employment Report
Change in Nonfarm: +115k vs 160k expected
Change in Private: +130k vs +165k expected
Unemployment Rate: 8.1% vs 8.2% expected
Avg hourly earnings:.0% vs .2% expected
Hours worked up at 34.5
342k drop in the participation rate drove the drop in the unemployment rate. Saw upward revisions of +53k jobs to the prior month. Not much of a reaction in the markets. Mortgages are off about a tic post-employment & 10yrs are basically unchanged. This number alone is probably not weak enough for more accommodation by the Fed in June.