Today’s employment report shows the jobless rate fell sharply last month to 9% and private sector payrolls increased by about 50,000 jobs. The White House issued a statement saying the overall economic trend has been encouraging; but Troy Reinhart with Northwest Quadrant Wealth Management in Bend says its too early to call it a trend. There is some conflicting data, and some people have left the labor force: “At the end of the day this is, at best, a confusing report. And it's probably one best to put in the trash can and wait and see what happens in February, ‘cause it really doesn't fit in with any of the economic data we've gotten. Their was about 770,000 jobs. It appears, looking at the numbers that were impacted by the weather. So its a whole lot of noise is what it is and I expect the unemployment rate to jump back up as more people enter the workforce."
Reinhart says the Bond Market took the report as good news and the 10 year Treasury Rate went up. The Stock Market seemed to have a mixed reaction, but he believes the uncertainty in Egypt had a bigger impact on the Stock Market.