Tower Private Advisors
- Market recap
- Nonfarm Payrolls Report
Capital Markets Recap
The Facebook IPO continues to garner a lot of attention. Here’s a great video on the subject.
There was one economic release that mattered this week, the monthly Nonfarm Payrolls Report. It was far better than expected, with 243,000 jobs added versus an estimate of 140,000. In addition, December’s figure was revised upward by 3,000. Private Payrolls grew by 257,000, also above expectations (+160,000); December revised up 212,000 to 220,000. Likewise, Manufacturing Payrolls grew by 50,000 instead of the anticipated 50,000; December revised up from 23,000 to 32,000. The Unemployment Rate fell to 8.3% from December’s 8.5%, while the Average Workweek grew by six minutes.
Among those commenting on the numbers was Mohamed El-Erian, of New-Normal/PIMCO fame, who said, in a Bloomberg, interview that the numbers were “really good,” but that there’s still some structural employment problems (read: skills mismatch), while a Deutsche Bank economist said that 200,000+ per month for 12 are needed to bring down the unemployment rate by 1%.