BLS the Bureau of Labor and Statistics reported 336,000 jobs created in September. This was far higher than the estimated 170,000.

The bond market reacted exactly as expected. Higher Yields, higher interest rates this morning.

There are two Surveys within the jobs report.

Business Survey – is where the headline job creation numbers come from and includes a lot of modeling and estimations.

Housing Survey is where the unemployment rate comes from and is derived from calling households to see if they are employed. This has its own job creation component, and tells a completely different story, only showing 89,000 job creations.

This is why the unemployment rate stayed at 3.8% from the expected 3.7%.

Trying to understand all of this is an apt comparison attempting to grasp a handful of Jell-O, which incessantly shifts and eludes your grip with the slightest movement.