This morning's jobless rate data shows the economy added 58,000 jobs in March, but the gains come on the heels of a downward revision to February's report , now showing a net 2,000 jobs shed that month not the 66,000 gain first reported.
The March unemployment rate rose to 5.7%, the highest since the 5.8% that was reported last December and up from 5.5% in February. Economists were looking for the economy to add 40,000 new jobs and have the unemployment rate at 5.6%.
The Labor Department also reported that average hours worked were unchanged from February to March, although both the factory workweek and overtime hours were extended last month. Average hourly wages rose a modest 0.3%, which was in line with expectations.
In all, the February revision lower, coupled with March's higher than expected jobs data, has the unemployment rate at 5.7%, which is fractionally higher than the consensus of 5.6%.
The jobs data had futures rather volatile after their release, but as the number gets digested, stock futures have firmed and have been inching higher.
S&P futures currently trade higher by 5.4 points at 1,131, while NASDAQ futures gain 6.5 points at 1,410 and Dow futures rise 60 points to 10,280.
Fair value for the S&P 500 today is $1.85. HL Camp and Company has their computers set for program buying at $2.54 and set for selling at $0.54. Fair value for the NASDAQ-100 today is $6.40. If you would like more information about fair value, its calculation and uses, then please visit www.programtrading.com.