JOBS DATA WORSE THAN EXPECTED. YESTERDAY'S BOND MARKET RALLY HAS BEEN CONFIRMED.

The FN 4.5 is currently +0-05 at 101-29. The FN 4.0 is trading +0-05 at 99-28....

SEPT NONFARM PAYROLLS -263,000 vs. CONSENSUS -180,000 vs.  AUG -201,000 (PREV -216,000).

SEPT JOBLESS RATE 9.8 PCT vs. CONSENSUS 9.8 PCT vs. AUG 9.7 PCT (PREV 9.7)

SEPT AVERAGE HOURLY EARNINGS +0.1 PCT (CONS +0.2) VS AUG +0.4 PCT, TO $18.67 VS AUG $18.66

SEPT YEAR-ON-YEAR AVERAGE HOURLY EARNINGS +2.5 PCT

SEPT AVERAGE WORK WEEK 33.0 HRS (CONS 33.1) VS AUG 33.1, FACTORY 39.8 VS 39.9, OVERTIME 2.8 VS 2.9

SEPT FACTORY JOBS -51,000 (CONS -50,000) VS AUG -66,000 (PREV -63,000)

SEPT GOODS-PRODUCING JOBS -116,000, CONSTRUCTION -64,000

SEPT SERVICE-PROVIDING JOBS -147,000, RETAIL -39,000, GOVT -53,000

SEPT AGGREGATE WEEKLY HOURS INDEX -0.5 PCT VS AUG -0.2 PCT

JULY NONFARM PAYROLLS REVISED TO -304,000 FROM -276,000, JUNE UNREVISED AT -463,000

BENCHMARK REVISIONS WOULD DOWNWARDLY REVISE MARCH NONFARM PAYROLLS BY 824,000 OR 0.6 PCT-LABOR

SEPT JOBLESS RATE HIGHEST SINCE JUNE 1983 (10.1 PCT)

 

MBS, TSY, LIBOR QUOTES