Total nonfarm payrolls rose 244,000 in April on a 268,000 increase in private sector jobs and a 24,000 decline in government jobs. This report surprised the markets and many economists who had recently lowered expectations of job growth based on weaker employment data from several private economic reports and the substantial increase in the weekly jobless claims.

The household survey was less optimistic with the unemployment rate rising to 9.00% from 8.80%. Also, with job growth at 250,000 plus per month, it will take 2 ½ years to absorb the 13 million plus folks who lost their jobs in the past 3 years.

Major news came from the commodity markets Thursday, as many commodities took a severe beating, especially silver. It seems the freefall in silver sparked margin calls, which exacerbated the selling and spilled over into gold, oil and other commodities. Oil closed below $100 per barrel Thursday; however, it has rebounded to $102 per barrel this morning.

U.S. stock markets are in rally mode after the stronger than expected jobs data, and as one would expect, bonds are selling off, with the yield on the 10 year note rising to 3.20%. Mortgage prices are worse by .25% to .375%.