ZERVOS: If I Had To Put Together The Perfect Jobs Report For The Market, This Would Be It

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In a quick note blasted out to clients, Jefferies strategist David Zervos expresses the same read on today's jobs report as we did earlier, that this was "Goldilocks" a not-too-hot, not-too-cold report that was idea for the market.

He writes:

If someone asked me to put together a fake jobs report that would be the most soothing to a frazzled market, it would have read pretty much as just released. The tick up in the u-rate, on a slightly higher participation rate, was a work of art. It moves us further away from the Evans rule trigger of 6.5, and more importantly the theoretical taper trigger of 7.1/7.3. Also, it adds a bit of job-seeking optimism to the mix as more folks are looking for work in better economic conditions.  Then we add the 175k on payrolls - not too hot, not too cold. It shows that Fed policies are continuing to work nicely to create a sustainable recovery, but worries about QE "overheating" are way off the mark.

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HILSENRATH: Fed Likely On Track to Reduce Bond Buying Later This Year

Markets have been watching closely for signs of the Fed taper.

The taper has been the new buzz word in the financial community and refers to the Fed slowing down its $85 billion asset purchase program that is intended to lower long-term interest rates.

Now, Jon Hilsenrath, whom Stephen Roach joked was the real Fed chairman, writes that Fed officials "are likely to signal" they're on track to pull back in their June meeting.

Hilsenrath writes that this comes after today's jobs report came in "good-but-not-great". From Hilsenrath:

"Federal Reserve officials are likely to signal at their June policy meeting that they're on track to begin pulling back their $85-billion-a-month bond-buying program later this year, as long as the economy doesn't disappoint.

"A good-but-not-great jobs report Friday ensured officials wouldn't want to act right away and would instead want to see more data before taking a delicate step toward winding down the program.

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These Are The Actual Greenest Cities In America

Rob Wile | Jun. 7, 2013, 11:59 AM | 1,972 |

"Top city" lists can be pretty subjective, and none more so than "greenest" city lists. 

These tend to measure things like number of green-oriented events or "percentage of people who think and act in an eco-conscious way."  

But new data from National Renewable Energy Laboratory give us some hard facts showing the actual greenest cities in America, as represented by the percentage of customers voluntarily buying into their local utility's green power program.

Here's the list (by utility):

Customer Participation Rate
(as of December 2012)RankUtilityCustomer Participation RatePortland General Electric (Ore.)Madison Gas & Electric Co. (Wisc.)Sacramento (Calif.) Municipal Utility DistrictPacific Power (regional, Ore.)Silicon Valley Power (regional, Calif.)River Falls Municipal Utilities (Wisc.)Cuba City Light & Water (Wisc.)

Interesting to note the low percentages here.

Some might also wonder why there are so many small-ish Wisconsin towns on here (we did). So we called up Mike Noreen, the conservation and efficiency coordinator for River Falls, Wisc., (#8 on the list) to ask why.

He told us that the high customer participation rates in the state are thanks in part to a company called WPPI Energy, which sells renewable power sourced mainly from wind farms in Iowa at bulk rates. The company has gotten strong buy-in from residents in River Falls and the other two towns that round out the list.

In the case of River Falls, Noreen said, Mayor Dan Toland asked the town of 15,000 to get on board, with the municipality reciprocating by converting many of its facilities to renewables.  

Noreen also said the town is about to construct a new solar array to power its baseball field, another demonstration of its commitment to renewable resources. 

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STOCKS SOAR AFTER PERFECT JOBS REPORT: Here's What You Need To Know (SPY, DIA)

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REUTERS/Jaime Saldarriaga

Good afternoon, stocks posted big gains on a solid jobs report. Here's what you need to know.

First the scoreboard:

Dow: 15,253.57, +212.95 pts, +1.42%

S&P500: 1,644.40, +21.84 pts, +1.35%

NASDAQ: 3,470.87, +46.81 pts, +1.37%

The U.S. added 175,000 non-farm payrolls in May, while the unemployment rate ticked higher to 7.6%, and the labor force participation rate 63.4%. Analysts had expected 163,000 payrolls. Our Joe Weisenthal said it was the perfect print for markets: more jobs added, but no major change in unemployment that would force the Fed's hand on QE.Manufacturing jobs saw their fourth-straight month of declines and have basically plateaued for the past year.The jobs report caused Yen values to fall to as much as ¥97 against the dollar. Nikkei 225 futures also spiked on the release.And the report sent gold and Treasuries downward. The yellow metal declined as much as -2.45%, while yields on the 10-year note swung up by 3.62%.   Consumer credit expanded $11.06 billion in April, a 4.7% year-over-year gain, missing expectations. Economists were looking for a $12.9 billion advance.Treasury bond funds saw their biggest outflows ever this week, as $2.6 billion, or 0.9% of assets under management, got turned over. Bond funds as a whole saw their second biggest weekly outflows since October 2008, with $12.5 billion in redemptions.A spike in Shibor rates has people worried about a credit crunch in China. The overnight Shibor, or the Shanghai interbank offered rate, surged to 8.29% on June 7, from 5.98% on June 6. The seven-day Shibor rose to 6.66%, from 5.14%.The Wall Street Journal reported George Soros is back in Japanese stocks. He'd sold off much of his position in May.A major nuclear power plant in California will be decommissioned, which is likely to cause major headaches for south/southwest customers. Electricity prices had already gone up after the San Onofre's operations were suspended last year.  President Obama called reports of the continuation of the NSA's vast phone data collection system "hype." "Nobody's listening to the content of people's phone calls," he said.

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