The headline numbers tell the big story, but the key nugget here is that the private sector continues to lead the charge in creating new jobs in the American economy, with 257,000 new jobs vs. an expectation of only 160k.
S&P futures jumped 14 points on the news to over 1336 and the 10yr Treasury yield spiked from 1.81% to 1.92.
Here are the big questions on my mind…
How much does this affect Fed policy going forward, especially since we know how much jobs are on Bernanke’s mind — and since he’s got the ammo trigger-ready to prop up the economy?
Does this change the chances for the payroll tax cut extension getting any life after the temporary 2-month one?
And what about the election… How much does this help Obama when jobs were certainly going to be a central focus of campaign rhetoric?
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