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  • This Month's Employment Report

    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.
    Aug 2 2013