Nonfarm payrolls for the month of October rose 80,000, including a gain of 104,000 in private payrolls and a loss of 24,000 in government jobs. Recall that expectations were for a 95,000 gain in total payrolls. There was some positive underlying data in the report with sizeable revisions to the last two months’ data, raising the August and September numbers 102,000.
In the household report, the unemployment rate dropped to 9.0% as 277,000 more persons reported as being employed, with the number of long term unemployed falling 366,000 to 5.9 million. Even with the positive pieces of the report this is still indicative of a weak pace of job growth.
Bond prices fell slightly on the after the release of the jobs report, but have since rebounded, and the markets remain focused on events in Europe and what will eventually happen in Greece. As of this writing U.S. stocks are down sharply pushing bonds into positive territory. Mortgage prices are worse by .125% and .25%.
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