Economy Adds Jobs, but no Anti-Virus

This morning’s Jobs Report from the BLS would normally be a headline grabber except they’ve already been grabbed by the coronavirus. The American economy added 273k jobs in February against an estimate of just 175k while the total for the prior two months was revised with an additional 85k over what was previously reported. The Unemployment Rate fell one-tenth to 3.5%, Average Hourly Earnings remain unchanged at a 3% growth rate year-over-year, Labor Force Participation was unchanged at 63.4%, and Average Weekly Hours nudged up to 34.4 from 34.3. A report this unexpectedly robust in terms of jobs added would normally be cause for a sell-off in bonds and a rally in equities. But, for the time being, all performance fundamentals are, and have been, overshadowed by the damage caused to global economic growth by the spread of the new flu. At one point this morning, the Ten-Year’s yield was down to 69 basis points but has crept its way back to around 75 basis points. DJIA futures are looking for a very weak opening.