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  • 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.

    May 4 2012