Bonds are under slight pressure this morning but are still relatively flat as the June Non Farm Payroll Report showed 125,000 job losses which generally matched expectations (markets has expected that number but were worried about a larger number).  The nation's unemployment rate dropped to 9.5%.  Two different surveys are used to generate the job's # and the unemployment rate.  As expected the job losses were caused by the government letting go of approx 225,000 census workers.  The private sector added 83,000 jobs.  According to the Wall Street Journal, the decline in the jobless rate to 9.5% wasn’t due to improvement in the labor market, but primarily due to June’s decline in the civilian labor force of 652,000.  This was the sharpest one-month decline in 15 years in the Labor Department’s survey of households. Unemployed workers who drop out of the labor force (signal that they are no longer looking for work) are not counted in the survey.