The big event of the day at 8:30 a.m. was the NFP, which beat pretty spectacularly at 103k on consensus of 65k. However, I believe and have always believed that the true measure of unemployment is the U6 number which is the same way unemployment was measured during the Great Depression, peaking at 25%. If you work 1 hour a week you are included in the NFP release, that's not really employment, the U6 number is a better representation of what employment really looks like and it was ugly today coming in at the highest level since December of 2010-that is if we can trust any of these numbers. Unbiased 3rd party polling firms have come up with much, much higher unemployment rates.
Here's the U6 and the other fly in the ointment, the average duration of unemployment.
Inventories missed at .4% on consensus of .6 and previous reading of 8.
Consumer Credit is out at 3 p.m.
There were some decent numbers out of Europe today, I found Switzerland's unemployment rate which came in stronger then consensus to be interesting, 2.8%. Here in Florida the U3 unemployment is far above the national average and just from our experience and seeing people around us, I can tell you that wages are extremely depressed and it is very hard to find a 40 hour a week job, my wife works two jobs because of this and ends up putting in about 60 hours a week, but she changed jobs 3 or 4 times in the last 9 months because of the issue.
As for the market, it's not really flying high considering a NFP beat of 58%.
It's within that range I mentioned last night...
Franc and Germany are at odds over using the EFSF to recapitalize banks with France for and Germany against, this will come to a head this weekend when they meet over the issue, that is part of the reason I think the late, EOD trade today will be more interesting.
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