• Nonfarm Payrolls
  • 155k vs 200k forecast
  • 237k vs 250k (revision of previous month)
• Unemployment
  • 3.7% vs 3.7% forecast
  • 7.6 vs 7.4% (U-6 unemployment vs previous reading)
• Wages
  • 0.2 vs 0.3 forecast
  • 0.1 vs 0.2 previously (revision to last month)
  • 3.1% vs 3.1% year-over-year

Quite an underwhelming response so far with bonds rallying modestly in response but already having made their first bounce back toward opening levels.  Treasuries and MBS are effectively unchanged at the moment.  

An underwhelming response isn't shocking, however, considering the amount of ground we've covered in recent days combined with the fact that this is, by no means, a bad NFP report--certainly not bad enough to say the economy is doomed to immediate correction.