- Average earnings mm (Jul)
- 0.3% vs 0.3% f'cast, prev 0.2%
- Non Farm Payrolls (Jul)
- 73K vs 110K f'cast, prev 147K (rev 14K)
- Participation Rate (Jul)
- 62.2% vs prev 62.3%
- Unemployment rate mm (Jul)
- 4.2% vs 4.2% f'cast, prev 4.1%
Perhaps the most notable feature of this morning's data is the HUGE negative revisions to the past 2 months. They total 258k and bring the 3 month average down to a very alarming 35k. This is obvious rate cut fodder and bonds are reacting accordingly.
10yr yields instantly down 6 bps but look at the 2yr yield.... already down 14 bps.
MBS are up 6 ticks (.19) and they'll take a bit to catch up to the Treasury move, but either way, it's a good day do be a bond.
