Non Farm Payrolls came in at 74k (197k) while the prior was revised up 38k (from 203k to 241k). The net disappointment for the two month period was -85k. The softness in the report came from the private sector which only added 87k jobs (200k expected) as average hourly earnings and hours worked dropped. The unemployment rate fell to 6.7% (7% expected) as the labor force participation rate dropped again to 62.8% from 63%. While many people will see a drop in the unemployment rate and think things are going smoothly, the reality is that the economy is struggling to add jobs and the labor force participation rate continues to set new lows. This certainly throws a wrench in the Fed's plans to continue tapering at a measured pace and should give them pause at this month's meeting.
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