September’s employment reports were better than expected with total payrolls increasing 103,000 while private payrolls grew 137,000. There was also a revision of +57,000 to August’s abysmal +0 payroll report. The manufacturing sector lost 13,000 jobs, its second monthly drop and the government sector lost 34,000. The largest gain came from the service sector, +119,000 which includes the return to work of the 45,000 striking Verizon workers, which helped account for the zero growth in August. The unemployment rate held steady at 9.1%.
Treasuries yields were already climbing prior to the jobs data, and quickly moved higher on the news, bringing us to a full week where the Treasury market has worsened each day. The yield on the 10 year note currently stands at 2.08%. Recall two weeks ago, after the last Fed meeting, the yield on the 10 year note fell close to 1.70%.
The bond market is closed Monday, October 10, 2011; however, HSOA will be open for business and will be accepting locks normal hours.
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