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  • January Jobs Report

    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

    (* expected)


    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.

    Feb 1 2013