http://MikesDailyMarketReport.com: The Average Earnings rose 0.7% in January; however, Average Work week Hours dipped from 34.7 to 34.5. The Non Farm Payrolls shocked the Markets today with 467k new jobs in January; and it's December's numbers were revised much higher (from 199k to 510k). This is why we don't give too much weight to the ADP data!!!! They don't always correlate! However, the Unemployment Rate did rise slightly, from 3.9% to 4.0%. Stocks are Mixed on the data; and MBS was WAY Down (-50bps), but have subsided a little (Down 42bps currently). This is a situation that Good News is Bad News to the Markets, as the possibility of the Fed raising rates by 0.5% (in lieu of the usual 0.25%) increased for it's March FOMC. Meanwhile, Yields skyrocketed to just under 1.92%; and potentially on it's way to the 2.0% mark!
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