Wow, the jobs report this morning surprised the markets---bad news for stocks and great news for bonds. Non-farm payrolls rose by 431,000, a decent number, however, when looking behind the curtain private sector employment rose by only 41,000 compared to an increase of 218,000 in April. Economists had estimated private sector jobs would grow by 191,000. The balance of the job growth was temporary hiring for the U.S. Census.
The result in the markets is a steep sell off in stocks, with the DOW currently lower by 200+ points and a rally in treasuries and mortgages. Mortgage pricing is .50% to .625% better than the market close on Thursday.
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