http://money.cnn.com/2011/08/05/news...d=HP_Highlight

Job growth exceeded expectations by between 30-40k jobs. Its not all gravy now, but its about as good of news as we've gotten in terms of jobs in the past few years.

I agree its a political move meant to push Washington to let them know they aren't doing enough to balance the budget. If it does drop more than 2% or 3%, its based on long term fear and not on current market conditions (not that it isn't a valid reason, its just the market normally reacts more to current conditions than long term).