June's Employment Report
Change in Nonfarm: +80k vs. 100k expected
Change in Private: +84k vs. +106k expected
Unemployment Rate: 8.2% vs. 8.2% expected
Avg hourly earnings: .3% vs . 2% expected
Hours worked down to 34.5
Overall, another bad jobs report. The US economy only gained 80k new jobs in versus 100k expected. Unemployment rate remained unchanged at 8.2%. Unlike last month, there was a bit of good news today as wages actually increased. Regardless, mortgages are taking off into the stratosphere as Fannie 3.5s have printed a new high at 105-24 immediately after the data was released. Stocks are poised to open lower, but not quite triple digits lower.