On the surface, the NFP data had a “goldilocks” type of character. Establishment jobs at 206k, good, but not too good. The household survey wasn’t too bad (this time) adding 116k jobs. The unemployment rate ticked up, marginally, to a still strong 4.1% – again, good, but not too good. Earnings, while still high at 0.3%, have stabilized, and hours worked also remained stable at 34.3. All good, but not too good. The obvious flaws in the report were: Downward revisions of 111k to the prior 2 months. A significant miss on Private Payrolls. Private payrolls were only 136k, and ... NFP Instant Reaction – Goldilocks or Not?