The number is out and it's bad..

Just 54K new jobs. That compares to 165K in expectations.

83K private sector jobs was way below expectations.

Manufacturing employment dives 5K.

The unemployment rate has hit 9.1%.

The average work week did move from 34.3 hours to 34.4 hours.

Average hourly earnings grew 0.3% vs. expectations of 0.2%.

Futures are sliding hard on the news.

The full report is here.

Background: The economy has been giving off a series of bad news lately.

Everyone knows that, and everyone is turning bearish, and although official estimates are for 165K new jobs, nobody would be surprised if it were a big miss on the downside.

Here are 5 numbers to watch:

Total change in nonfarm payrolls: Est. +165K, Previous 244K

The Unemployment Rate: Est. 8.9%, Previous 9.0$

Change In Private Payrolls: Est. 173K, Previous 268K

Change in average hourly earnings: Est. +0.2%, Previous: 0.1%

Average work week: Est. 34.3 hours, Previous: 34.3 hours.

At this moment, everything is lower.

S&P futures are down. Oil is sliding. Bond yields are down.

Expect big gyrations after the number.

Click here to refresh for the latest.