Cameron Hanover Daily Oil Recap (courtesy of www.fmxconnect.com)
The monthly unemployment report was a surprise – it was surprisingly robust. A reported 151,000 new jobs were added against predictions that had been calling variously for increases of 60,000 to 80,000. That should have been unqualified bullish news. On top of that previous job losses were revised down by 110,000, meaning that this report made us aware of 261,000 more jobs than we had. And that was almost 200,000 more people working than had been expected. Granted, the unemployment rate remained unchanged because we need to create that many jobs just to tread water, but it was the best news we have had in a very long time.