Non-farm payrolls lost 247k jobs, a great deal lower than nearly every expected and the unemployment rate fell 0.1% to 9.4%. The manufacturing sector lost "only" 52k jobs, compared with a revised 131k loss in June. Hourly earnings rose 0.2% instead of 0.1% that was expected and a flat reading in June. The work week rose 0.1 hours the market had expected a flat report.
Bottom line is the data is good in detail as well as headline and revisions are in the right direction. This will likely strengthen the green shoots story and take some pressure off the Obama Administration's defenders that the stimulus plan is not working.
On the other hand, rear guard action to cut next year's spending if the economy is already recovering. Shades of 1937 ? The knee jerk reaction was to sell the dollar on good news.