Monthly payroll numbers were released this morning and the closely watched metric caused markets to jump as bad news is good news.

Non-farm payrolls dropped by 23,000 in contrast to estimates that pegged the number at around 83,000 job gains.

A revision for the previous month painted a picture of a possible slowing economy which impacted expectations for future rate hikes by the Fed.

Unemployment dropped to 4.1%, as the participation rate hit 61.4% the lowest number in years.

Observers expect the Fed to raise rates, perhaps as soon as September and later in the year. But the odds for a rate increase declined, helping to fuel a rise in markets. Next up is CPI, which is released next Wednesday, which will help create a better picture…