US nonfarm payrolls essentially met expectations coming in at 217K slightly above the street while last month’s big jump was revised down only slightly. This means that the US economy is continuing to grow through May keeping the business environment and prospects for corporate earnings positive but is not growing fast enough to force the Fed to accelerate tapering or interest rate increases. The Dow has rallied to another record high on the news while gold is consolidating yesterday’s gains and is weakening a bit against most other majors. The loonie is underperforming other majors as well today following a mixed Canada job report. Although headline jobs clawed back last month’s losses another big drop in full-time jobs was masked by a huge increase in part-time jobs. The number appears to have been distorted by seasonal effects including the start of summer jobs season for students and a late breakup so we may need to see another month or two of data to indicate which way the Canadian job market (which has been flat the last six months) is heading. It has been a huge week for news and some of the biggest developments like yesterday’s ECB decision and today’s payrolls may continue to reverberate through next week’s trading. From here the focus now turns for the next week toward the Asia Pacific region with the main figures from China, Australia employment and an RBNZ rate decision headling the news calendar. Economic News Economic reports released overnight and this morning include: US nonfarm payrolls 217K vs street 215K previous revised down to 282K from 288K US private payrolls 216K vs street 210K US unemployment rate 6.3% vs street 6.4% Canada employment change 26K vs street 25K vs previous (28K) Canada full time jobs (29K) vs previous (30K) Canada part-time jobs 54K vs previous 2K Canada unemployment rate 7.0% vs street 6.9% Germany industrial production 1.8% vs street 2.7% Germany trade balance €17.4B vs street €15.1B Spain industrial output 4.3% vs street 1.2% Norway industrial production 3.2% vs previous 7.1% Norway manufacturing production 1.8% vs previous 3.7% BoE/GfK inflation projection 2.6% vs previous 2.8% UK trade balance (£2.5B) vs street (£1.5B) Greece GDP (0.9% vs street (1.1%) Australia construction PMI 46.7 vs previous 45.9 NZ house prices 8.2% vs previous 8.4% Japan leading index 106.6 vs street 106.1 Economic reports due later today include: TBA Saturday China trade balance street $22.6B TBA Saturday China exports street 6.7% TBA Saturday China imports street 6.0% 7:50 pm ET Sun Japan GDP annualized street 5.6% vs previous 5.9%