The dollar is up slightly. Oil and copper are up. Gold and silver are down. Bonds are down.
Here are the employment numbers:
unemployment rate: 4.8% (was 4.7% last month)
nonfarm payrolls: +235K
average workweek: unchanged at 34.3 hours
hourly wages: up 0.2% to $26.09/hour
labor participation rate:
January job gain raised from 227K to 238K.
December job gain lowered from 157K to 155K.
On the news, index futures added to their premarket gains. The dollar dropped; gold rallied.
These are strong numbers, and raising rates is no longer a catch-22. In the past strong numbers increased the odds rates would be raised, something Wall Street didn’t want. There was active discussion surround the desire for a weaker economy and lower rates or a stronger economy and higher rates. Lower rates were cheered, but not now. Rates are moving up, so Wall Street cheers a strong jobs report.
Long term I like the market. Short term I’m not very enthused.