Weaker than expected, other than the headline number:
Change in Nonfarm Payrolls + 162k vs. 185k
Change in Private Payrolls +161k vs. 195k
Change in Manu Payrolls +6k vs. 2k
Unemployment Rate 7.4 % vs. 7.5%
Avg Hourly Earning MOM -.1 % vs. .2%
Mortgages catching a solid bid here as investors are scurrying back to the safe haven of bonds. Fannie 3.5s are up 20/32nds after the print, effectively recapturing yesterday’s losses in the matter of minutes. In addition to weaker-than-expected nonfarm payrolls of +162k (vs. +185k expected), there our downward revisions in the previous numbers of -26k. Avg hourly earnings , implications of income, were weak. And the economy lost -6k construction jobs. Of the 2/10ths drop in the Unemployment Rate, 1/10 can be attributable to a drop in labor force, the other is an actual rise in employment. Mortgages hanging tight for now.