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  • Employment Report

    -- AUG PAYROLLS RISE 169,000, JOBLESS RATE DROPS TO 7.3%
    -- REVISIONS CUT COMBINED 74,000 JOBS FROM JULY, JUNE PAYROLLS
    -- PARTICIPATION RATE IN U.S. FALLS TO LOWEST SINCE AUGUST 1978
    >> PARTICIPATION RATE IN U.S. FELL IN AUG. TO 63.2% FROM 63.4%
    -- JOBLESS RATE AT 7.278% VS 7.390% PRIOR MONTH
    -- PRIVATE PAYROLLS RISE BY 152,000, GOVERNMENT JOBS CLIMB 17,000
    -- FACTORY JOBS RISE 14,000, CONSTRUCTION UNCHANGED
    -- AVERAGE HOURLY EARNINGS FOR ALL U.S. WORKERS RISE 0.2%
     
    Weak number for August with weak revision in the prior months.  July NFP were revised to just +104k, from 162k which was initially reported.   Even the unemployment rate, which is seemingly better, can be explained away as a function of the drop in participation rate.  Bonds and mortgages are catching a bid here, with Fannie 3.5s now up a point post-report.  10yr falling to 2.91 after flirting with 2.0% yesterday.  Equities are pointing higher as well.  So, is Fed tapering still on for Sep?  folks I’ve talked to are about 50/50.
    Sep 6 2013