NFP numbers are out, and what a awful report. Like we always say, the most important number in this report, is the Labor Force Participation Rate, which came in at 63.2, which is the lowest since August of 1978. The final print came in at 169K jobs added vs. the 179K expected. The prior number of 162K jobs created was revised lower to 104K. The unemployment rate dropped to 7.3% from 7.4%, and that doesn’t come as a surprise with the Labor Force Participation rate. So Taper or No Taper? For now, markets don’t think so, numbers below.
S&P Futures (ES) before the NFP number hit, were ramped higher in the overnight session, up 6 handles at 1660. NFP number hit, and ES exploded higher to a session high of 1663.50, falling back down to 1656.50, and is currently sitting +8.75 handles at 1661.75 with 310K minis traded. Bonds popped, and yields dropped to 2.875% on the 10 Year, as earlier the 10Y had officially hit 3%.
ES Zoomed In