Jobs report beats consensus, Unemployment rate ticks up

Payroll jobs in July increased 163,000, following gains of 64,000 in June (originally 80,000) and 87,000 in May (previous estimate of 77,000). The net revisions for May and June were down 6,000. The market consensus was for 100,000.

The unemployment rate ticked higher from 8.2% to 8.3%.

The market has rallied off of these numbers despite the chatter that some were hoping for a worse number that would support additional QE from the Fed.

We will likely see the market continue to rally today and finish positive.  However this is but one number and does not make a trend.  There is still considerably weakness out there so tread carefully.

Graph below from Barron's

	Prior	Prior Revised	Consensus	Consensus Range	Actual
Nonfarm Payrolls - M/M change	80,000	64,000	100,000	70,000  to 165,000	163,000
Unemployment Rate - Level	8.2 %		8.2 %	8.1 % to 8.3 %	8.3 %
Average Hourly Earnings - M/M change	0.3 %	0.3 %	0.2 %	0.1 % to 0.3 %	0.1 %
Av Workweek - All Employees	34.5 hrs		34.5 hrs	34.4 hrs to 34.5 hrs	34.5 hrs
Private Payrolls - M/M change	84,000	73,000	110,000	80,000  to 180,000	172,000