If you want excitement, you need to watch the social media feud that boiled over yesterday, not the payroll data. On the surface, the report seemed decent. 139k jobs, with 140k in the private sector. The unemployment rate stayed the same. Average hourly earnings ticked up to 3.9% year-over-year, which is great for workers, but maybe not as great for the bond market. But there are a lot of things to pick on in this report. The prior 2 months were revised down by 95k. That negates much of this month’s reported gain in the Establishment Survey. The Household Survey, ... NFP Instant Reaction – Not That Exciting