April Employment ReportMay 3 2013
- Change in Nonfarm Payrolls + 165k vs. 140k
- Change in Private Payrolls +176k vs. 150k
- Change in Manu Payrolls +0k vs. 5k
- Unemployment Rate 7.5 % vs. 7.6% (unrounded basis 7.849)
- Avg Hourly Earning MOM .2 % vs. .2%
- Avg Weekly Hours 34.4 vs. 34.6
Market is softer on a this stronger report which goes against the grain of recent employment data. Right now Fannie 3s are down 12+ and the 10yr is up about 6bps in yield. In addition to the strong print in the April jobs report, we also saw upward revision to last month’s report. NFPs were revised up from +88k to 138k and private jobs were +154k versus 95k. Given the strength in the numbers, the market reaction seems to be pretty tame and there was more selling before the numbers than we’re seeing right now.