October's Employment Report

Change in Nonfarm: 80k vs 95k expected
Change in Private: 104k vs 125k expected
Unemployment Rate: 9.0% vs 9.1% expected
Avg hourly earnings: +.2% vs .2% expected
Hours unchanged at 34.3

Equity futures and Treasury yields are grinding higher after a relatively positive report on the state of the US labor market.   Despite only gaining 80k nonfarm jobs this month, we saw strong upward revisions to last month, actually gaining 158k jobs versus the 103k reported.  The unemployment rate dropped to 9.0% from 9.1%.   10yr yields are up to 2.11%, up 6bps from yesterday’s close.  Stock futures are trying to pair pre-open losses, as the DOW is nearly 30points higher after the report.  MBS are doing pretty well, down only 2 ticks since the report.