The payroll data was strong, registering 604k private sector job gains and 531k total. Add in an upward revision of 235k to the last couple of months’ data, and you have a comfortable beat. The wage data was in line, showing gains of 0.4% on the month and 4.9% on the year, which is actually quite strong given that compositional effects of large job gains. However, the participation rate remained at 61.6% -- so much for Powell’s theories for this month -- taking the unemployment rate to 4.6%.It’s a strong set of figures that should take yields (at least at the short end) higher.