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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: Samuel Wayne Turner who wrote (48640)	6/4/1999 9:00:00 AM
From: Dave	Respond to of 90042

AFCI - 30k block this morning between the spread.

To: Samuel Wayne Turner who wrote (48640)	6/4/1999 9:00:00 AM
From: JeffA	Read Replies (2) \| Respond to of 90042

Here's how some analysts interpret it. Analysts polled by Reuters had expected a figure of 216,000 with an unemployment rate at 4.3 percent. Average hourly wages were up to $13.19 an hour from $13.14. April payrolls were also adjusted sharply higher. Following are analysts comments on the report: DOUG MYERS, VP EQUITY TRADE, WACHOVIA SECURITIES: ''The bond market likes it right now -- that's good for the market. It was less than they expected.'' BILL MEEHAN, CHIEF MARKET ANALYST, CANTOR FITZGERALD ''Hourly earnings were at the high-end of expectations and the April data was revised up--that's the ugliness. Now people will be hesitant ahead of (the Consumer Price Index) and Greenspan's testimony.'' PETER CARDILLO, DIRECTOR OF RESEARCH, WESTFALIA INVESTMENTS ''This is a non-event for the market. The numbers don't give the Fed enough amunition to do anything about interest rates. The non-farm payroll number is a big surprise. The hourly earnings number is the negative here. But, in the end a non-event concerning today's market.'' ARTHUR HOGAN, CHIEF MARKET ANALYST AT JEFFERIES & CO., BOSTON: ''The key number is average hourly earnings ... at $13.19. That does show wage pressure. This is enough to send that signal'' prompting the Federal Reserve to tighten rates. ''The perception is that tightening is bad news ... but the market has effectively priced that in.'' The June Standard & Poor's 500 index future bounced erratically after the report, gaining, then falling sharply, then hovering around unchanged at 1305. The benchmark 30-year U.S. Treasury also gyrated after the report before steadying up slightly with a gain of 5/32 to yield 5.95 percent.