- "Abysmal" private sector job growth, says Diane Swonk, noting 22K of the job gains came from government additions.
- The headline jobs number missed estimates by 32K, but July and August revisions added 9K (July was revised lower by 15K, August higher by 24K).
- Average workweek is unchanged at 34.5 hours. Average hourly earnings up $0.03 to $24.09, up 2.1% Y/Y.
- Labor force participation rate of 63.2% and employment-to-population ratio of 58.6% are both unchanged from August. Labor force participation - of key importance to incoming Fed chief Yellen - is off 0.4% YTD. The broader U-6 unemployment rate slips to 13.6% from 13.7%. It was 14.2% a year ago.
- Stocks and bonds both get jiggy following the numbers, which surely push thoughts of a Fed taper even further into the future. S&P 500 +0.3%, and the 10-year Treasury yield slips 8 basis points to 2.53%. TLT +1%, TBT -2%.
- S&P ETFs: IVV, SPY, VOO, RWL, SFLA, SSO, UPRO, SDS, SPXU, SH, EPS, RSP, BXUB, BXUC, BXDB.
- Treasury ETFs: TLH, TLT, IEF, DTYL, DLBL, ILTB, TENZ, ITE, TLO, EDV, VGIT, VGLT, TMF, TYD, LBND, UBT, UST, TMV, TYO, SBND, PST, TBT, DTYS, DLBS, TBF, TTT, TYNS, TYBS, TBX.
Stocks and bonds enjoy sluggish jobs numbers
Oct 22 2013, 08:45 ET