While it's possible to find a few folks on the internet who think they see negative caveats in the jobs report, the market disagrees with them. Logic may disagree as well considering labor force participation rose to the highest levels since March 2020 at the same time the unemployment rate dropped to 3.5%. Payroll creation was right on target and still very respectable at 236k. Wages were solid--not too high, but not conveying weakness. All in all, it was a very different piece of data compared to the rest of the week's offerings, thus making for an entirely unsurprising sell-off in response.
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- Nonfarm Payrolls
- 236k vs 239k f'cast, 326k prev
- Unemployment Rate
- 3.5 vs 3.6 f'cast, 3.6 prev
- Earnings
- 0.3 vs 0.3 f'cast, 0.2 prev
- Nonfarm Payrolls
First move is weaker after NFP. 10yr up 7.3bps at 3.372. MBS down more than a quarter point.
Steady weakness throughout the day and an early close with 10yr up 11bps at 3.413. MBS down half a point.
MBS Market Alerts
