That's a nasty surprise, indeed. So much for my conspiracy idea earlier in the week that we would see a number about in line with expectations. What's more, the combined downward revisions of 81k from June and July non farm payrolls cast things in an even more negative light.
Stock futures are down over 11 on the realization that the economy is weakening... enough for the Fed to cut the fed funds rate? That seems more likely. It will be interesting to see if the market takes a morning dump and then rebounds on the notion that the Fed will start cutting, or if folks take the half-empy perspective viewing the Fed as being behind the curve.