Friday, March 05, 2010 – my comments are in italics

Change in Nonfarm Payrolls Survey: -68k Actual: -36 Prior: -20 Revised: -26
Unemployment Rate Survey: 9.8% Actual: 9.7% Prior: 9.7 Revised:
Manufacturing Payrolls Survey: -15k Actual: 1k Prior: 11 Revised: 20
Average Weekly Hours: Survey: 33.7 Actual: 33.8 Prior: 33.9 Revised:

This appears to be a good report, especially considering the snowstorms during the
month. Without those storms, this could very well have been a month of positive job
growth

Weekly Hours (White) and Nonfarm Payrolls (Red)

Fed update - a bunch of Fed officials this week have voiced concern about the "extended
period" language; pressure could be building inside the Fed about dropping this language.
Fed's Bullard was the latest - "I'm a little worried that the extended period language is
conveying too much of a particular date to markets about ... interest rates.” Reuters

Jobs creation - the House late on Thurs passed a $15B jobs creation package; the measure
now goes back to the Senate for final approval. Some businesses say the tax package is
underwhelming and won't do a lot to actually boost hiring. WSJ

Greece - the country raised EU5B in a well subscribed bond sale on Thurs (as has been
widely reported); the sale helped allay worries about a sovereign crisis, although Greece
still faces major financing needs going forward while the Eurozone as a whole is due to
raise some EU1T in paper this year. Foreign investors bought 77% of the bond sale.
"Regarding international investors, the bulk of the demand came from the UK (20
percent) and Germany (14 percent) and the rest was well distributed throughout Europe."
WSJ/Reuters

Greek labor unions shut down transport today and state workers will walk off the job in
protest - Bloomberg