In The News...

The big news today was the Labor Department's monthly employment report where it was reported that employers shed 54,000 jobs lost in August, which was lower than the -120,000 expected. In addition, July was revised to -54,000 from -131,000. Private payrolls rose 67,000, above the 44,000 expected and last month's number was revised to 107,000 from 71,000. The Unemployment Rate was inline to 9.6%, up from July's reading of 9.5% due to 500,000 people resuming their job searches. Rounding out the report, hourly earnings rose to 0.3%, while the average workweek was 34.2. Bond markets fell on the news pressuring home loan rates higher from recent record low levels. Stock markets are rallying on the news as investors cheered the jobs report and after the strong reading on manufacturing Wednesday. Next week, the Treasury will sell $33B 3-yrs on Tuesday, $21B 10-yrs on Wednesday and $13B 30-yrs on Thursday. The service sector is the U.S. slowed in August as revealed by the ISM Service Index falling to 51.5 from the prior reading of 54.3 and lower that the 53.0 expected.

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