March Employment Report

Change in Nonfarm:  120k vs +205k expected
Change in Private:  121k vs +215k expected
Unemployment Rate:  8.2% vs 8.3% expected
Avg hourly earnings:   .2% vs .2% expected
Hours worked up  at 34.5

With just 120k nonfarm jobs added, pretty disappointing news to the market.  Fannie 3.5s like it though.  Seeing an initial pop right now which has them up ½ point.  I expect some of that to fade as liquidity heads out the door for the holiday shortened trading day.  10yr yields all the way back down to 2.09.  Hope everyone has a great holiday weekend.


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