Current Trend Direction: Sideways
Risks favor: Carefully Floating
Current Price of FNMA 4.5% Bond: $100.16, +3bp
The numbers are in...85,000 jobs were lost in December, worse than the latest round of consensus estimates of 10,000 job losses expected, which was clearly a disappointment, as many experts were calling for some significant job gains. The Unemployment Rate remained at 10.0%, inline with estimates. Revisions to October and November's Reports were overall very slightly negative, but one highlight was that November's revisions pushed the number to a gain of 4,000 jobs, up from a previous reading of 11,000 jobs lost. This is the first positive jobs number since December 2007.