Let's dig into the non-farm payrolls report and the numbers we have so far.What's expected:Consensus estimate +60K (range -25K to +125K)January -92KPrivate payrolls consensus estimate +70KUnemployment rate consensus estimate: 4.4% vs 4.4% priorParticipation rate prior 62.0%Prior underemployment U6 prior 7.9%Avg hourly earnings y/y exp +3.7% y/y vs +3.8% priorAvg hourly earnings m/m exp +0.3% vs +0.4% priorAvg weekly hours exp 34.3 vs 34.3 priorFebruary jobs so far:ADP employment report 62K vs 66K priorISM services employment not yet releasedISM manufacturing employment 48.7 vs 49.0 priorChallenger Job Cuts 60,620 vs 78,327 priorPhilly employment +0.8 vs -1.3 priorEmpire employment +5.8 vs +4.0 priorInitial jobless claims survey week 205K vs 213K prior Historically, the headline print is seasonally soft in market with 56% of reports below estimates and 44% beating, excluding 2022/21. On the flipside, 41% of previous unemployment prints have been lower than expected while 33% have been higher, with the remainder matching the consensus.In terms of trading, this is a strange one because it's being released on Good Friday. Stock and bond markets are both closed and -- while FX will be open -- liquidity will be diminished (see here for what's open and closed).The general thinking in markets is that this report doesn't matter that much because the war is dominating and even another miss wouldn't be so bad because the past two ADP reports have been solid. I can get behind that line of thinking but only to a certain extent. Interestingly, non-farm payrolls in 1994 and 1996 were both released on Good Friday and saw huge beats with the market closed and that led to big bond market selloffs the following Monday. This article was written by Adam Button at investinglive.com.