Unexpected June Shocker
Non-Farm Private Payrolls came at 25K vs. 160K consensus. To make matters worse, April numbers are significantly revised downwards.
Digging below the surface, there are major divergences from ADP numbers. There appears to be major new weakness across the board. Normally when the headline number is so far off the consensus, under the surface there are anomalies. The report was released at 8:30 am ET, we will be digging deeper to make sense of it.
Markets
The immediate reaction to the report is as one would expect.
Gold and silver are spiking up.  Our ratings on gold and silver are likely to change.
Interest rates are falling and bonds are rising
Dollar is falling.
Oil has two opposing forces. On one hand the falling dollar means that oil should go higher. On the other hand, weak employment means lower demand.
