This report presents the characteristics and initial outcomes of exiting master's degree recipients in physics and astronomy. The report covers the degree classes of 2006, 2007 and 2008. The status of exiting physics master's varied greatly by the citizenship of the degree recipient. The majority of US citizens entered or remained in the workforce after receiving their degrees, where the majority of non-US citizens continued with graduate study in physics or another field. Of the physics master's in the workforce, over half were employed in the private sector, with a vast majority working in a STEM (Science, Technology, Engineering, and Math) field. (Contains 4 figures and 5 tables.)