If today's employment report is weak, short rates could fall again.

The American employment report showed a much weaker economy than expected.

That made sense given the strength of the American economy, as was indicated by last week's strong employment report.

"The employment report is the only reason I'm at work this week."

The employment report is considered the most important single gauge of economic conditions.

The focus today will turn toward the employment report due on Friday.

That means the news from the employment report isn't quite so positive.

If the employment report is weak, it will probably have two effects.

"We probably won't have any significant data until the employment report early next month."

The employment report was the most positive news about the economy in weeks.