This morning it is all about the November labor reports. Total nonfarm payrolls rose 120,000, slightly below expectations of +125,000 but well below the rumored 180,000 to 200,000. There were also 52,000 jobs added to the September report and 20,000 added to the October report. The public sector lost 20,000 while the private sector gained 140,000. Average weekly hours worked were flat at 34.3 but on the negative side, average hourly earnings fell from $23.20 to $23.18.
In the household report, the unemployment rate fell from 9.0% to 8.6%. Before getting too excited about the drop in the unemployment rate, the main reason this percentage fell is due to 315,000 folks dropping out of the labor force entirely.
Treasuries initially sold off on the seemingly strong jobs data, however, as the markets digested the details bond prices reversed and are now higher on the day. Mortgage pricing is better by approximately .125%.
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