January Jobs ReportFeb 1 2013
Change in Nonfarm Payrolls +157k vs. *165k
Change in Private Payrolls +166k vs. *168k
Change in Manu Payrolls +4k vs. *10k
Unemployment Rate 7.9% vs. *7.8%
Avg Hourly Earning MOM .2% vs.*.1%
Avg Weekly Hours 34.4vs. *34.5
Numbers are a little disappointing – unless you work at a mortgage company. Mortgages traded lower overnight on light volumes and current coupons were down ~ 8/32nds going in to the jobs numbers. After the weaker Nonfarm print and rise in the unemployment rate to 7.9%, mortgages have reversed course to the tune of +11 tics. One bright spot is that Nov and Dec Nonfarms were revised up, +257k jobs. Biggest gainers were in retail (+37k), construction (+28k), and healthcare (+23k). Getting nailed with a slew of buy axes from the street right now. Will put out some commentary after things settle down.