Today's Employment Report
Good numbers came in this morning from the employment report. The labor market is heading in the right direction as nonfarm payrolls gain almost 50k more jobs than expected and the headline unemployment rate dropped to 8.5% from 8.7% last month. 200k more jobs isn’t exactly the inverse of the 700k and 800k per month we were losing in late 2008 and early 2009, but the labor market is trending in the right direction. Markets are amazingly quiet after these numbers. The initial reaction in mortgages had 3.5s down just 3 tics and they’re already trading at pre-employment report levels.
Change in Nonfarm: +200k vs 155k expected
Change in Private: 212k vs 178k expected
Unemployment Rate: 8.7% vs 8.5% expected
Avg hourly earnings: .2% vs .2% expected
Hours worked up at 34.4